13 replies
  1. Bianca Mendez-Lovett
    Bianca Mendez-Lovett says:

    For our military members, firefighters and special agents you can bank with USAA the same way as Ally or Capital One, also unlimited amount of accounts, no minimum balance and free; I love your suggestions and agree! Further you can ladder CDs for as short as 90days to 7years for various savings goals and often times get a little higher interest this way. You will likely need a minimum deposit for a CD, but in many cases it is not an out of reach amount. Thanks for the back to basics reminder!

  2. Carol
    Carol says:

    Just to let you know I am taking your advice and I am going to use the Ally Bank to set up my savings. I have three main goals right now and I have named them too. First is my Anthony fund, even though he works full time he is special needs and I want him to always know whoever takes charge after I am gone he will always be taken care of matter what. Second is the Indiana fund, yep my common law husband needs to go back this year and see his kids around Christmas time. Third is I promise I will not give this house away no matter what. I had one house that was free and clear, no mortgage payment, just the hoa and utilities and house insurance is all I had to pay. Second house, still painful to talk about. Don’t want to rent anymore. In other words I redid my budget to make it all happen, which it will happen.

    • Peach
      Peach says:


      Good for you! Doing your budget and sticking to it will help you reach your goals. If you fail to plan, then you are planning to fail. Be proud of yourself for taking this first step. As for your “Anthony Fund”, were you aware there is a tax-favored savings plan for disabled children that was signed into law by the President in December 2014? The act is called the “Achieving a Better Life Experience Act” or ABLE, and it is referred to as a 529-ABLE-account. It is similar to a 529-college-savings-plan, but the money can be used for future financial needs of disabled children. Click here for the link to read more in an article from Kiplinger Personal Finance: https://www.kiplinger.com/article/saving/T042-C000-S002-savings-plans-for-the-disabled.html

      • Carol
        Carol says:

        Yep I am sticking to my new budget, I want to save more money because I will feel better about myself and I want my kids to know that I left them something besides my life insurance policy for them. Thank you for the information about the savings plan for Anthony. I will definitely look into it. Like I said he works full time and is actually outgrowing some of the developmental disability, but I want to make sure 100 percent that he will always have something to fall back on when I am gone.

        Next question I hope you can answer, where is the best place to get a will drawn up? I seriously don’t know. I know I can get forms online, but I have some specific instructions of what I want done after I am gone.

  3. Ryan
    Ryan says:


    Because of you I started using the Capital One 360 account a few years ago. It’s where my emergency fund is and several other sinking funds are. The main savings account gets a .75% interest rate as well and compounds monthly I think, which is way better than a regular savings account from a bank. I’m still working at paying off credit debt and it is a constant battle, but I know I will win and will too be “living like no one else”. I estimate I’m still a few years from becoming debt free. The sinking funds definitely help budget for things that come up throughout the year, especially Christmas and vacation.

    Thank you Buddy

    War Eagle!

  4. Mariana
    Mariana says:

    Nice post. I often wondered if it’s worth the hassle to juggle multiple accounts but you make a good argument for it.
    Speaking of savings. I just heard about the Netspend savings account, which gives you 5% interest (up to $5000, then 0.5% on anything above that). Do you know anything about it? From what I understand, it can be fee free if you follow specific steps, the only bad thing is that their customer service stinks. Just wondering if you had any thoughts on it.

  5. Paulina
    Paulina says:

    Thanks for all the info Chris! I am already budgeting for dear life. Though I would love to set up a sinking fund, there is no such thing where I live (Chile)…got any ideas of an alternative for expats who are not American? I do not have an account in my home country (Sweden) either as I have been living down here for over 30 years. Thanks again!

  6. Papa Foxtrot
    Papa Foxtrot says:

    I have three separate savings accounts, one is an emergency fund, never touch unless it is an emergency, one is an investment, house, car savings, the other is for urgent matters, quite literally I pull money out for anything that is needed including repairs. This is good insights, keep it up.

  7. Martin
    Martin says:

    Great, Seeking fund is one of the best ways to save your fund every month. You can create one account for all of your sinking funds you just need to manage spreadsheet to track how much money you have put in for each item.

  8. cat
    cat says:

    I have listened to about 60% of all your podcasts. Fantastic content! Started my sinking fund today after I reworked our monthly budget!


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