I manage my paycheck in a simple way even though I have multiple accounts. My main bank and two secondary banks are linked. This is so I can facilitate transfers between accounts in a quick manner. Although I have multiple accounts the way I manage my paycheck is not complicated.

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I actually use Capital One as my bank and have multiple savings accounts and one checking account. My monthly salary is currently split into two payments. We get paid every two weeks for my job now. In the past I’ve gotten one payment per month but this is easy to handle as well.

Monthly paycheck process

My salary goes directly into my checking account as I have direct deposit set up. I have a few small automatic transfers set up from checking to each of my savings accounts. I have a separate savings account for things like:

  • Emergency Fund
  • Never Go Back To Fresno
  • Other Goals

Emergency fund is a short term savings goal. This takes care of any short term items that may come up where there is not enough money in the checking account to cover that expense.

Fresno fund is a long term savings goal. This Fresno fund is supposed to be a cushion to where I never have to depend on anyone. It was started as a joke but my goal is to keep adding to it.

Other fund is a short term savings goal. This fund is actually a collection of savings goals that have rotated over time. Any time I want to save towards a particular goal I name the account that way.

Every month I have a small, predetermined amount that goes into each savings account. Most of these accounts are with my main bank. I also have a goal account at another, different bank. This is a way to protect myself in case one bank is having issues with its system.

These amounts are included in the monthly budget so the amount deducted is never a surprise. The balance that remains in the checking account is also covered in the budget. The checking account is the one that pays all of the credit cards. I pay all of my bills via credit card and then pay off the credit cards every week.

Spreadsheets and Mint

I manage my checking account with a spreadsheet. This is set up to track charges on credit cards and corresponding payments. It updates the balance after each transaction. This way I can see at a glance what my balance will be when any transactions clear. My checking account also contains a buffer amount. I set this buffer up to protect myself against any payments I might have missed tracking. I use the Mint website to track my finances but I also find it helpful to use my spreadsheet. The buffer will take care of any amounts I overlooked and ensure I never overdraft my account.

So this is how I manage my paycheck to make the most of my money!