BUDGETING NEED HELP

[Anonymous]

I have four mortgages and 4 car leases... Do you guys use seperate checking accounts for different things. 

I currently have 

BOA Checking - Personal 

BOA Savings - Personal Large Sum of cash saved for retirement (only investment, other than real estate) 

BOA Business Checking - Personal Deposit (roughly $35,000/monthly) Always a $10,000 balance  

I normally deposit money daily to the business checking and then transfer to the personal but I think I should be opening an account just for mortgages??

My mortgage payments are roughly $12k Monthly, Car leases are about $4500 monthly, I have no credit debt.. I charge every little thing then pay it off. Should I have a seperate account for credit card payments?

[Anonymous]

Juggling different accounts for all of those different payments might become difficult. Maybe one account for mortgages, car leases, and credit card payments?

[cdtotten]

No one can really answer this for you. I have typically found that people struggle to maintain multiple checking accounts and that eventually you get slapped with a fee after forgetting a transfer, bringing you overdrawn.

That being said, if there is a business you are running, you should ALWAYS keep business proceeds seperate from personal. The inter-mingling of accounts pierces the corporate veil and bring in a lot of other problems.

[Anonymous]

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@Anonymous wrote:

I have four mortgages and 4 car leases... Do you guys use seperate checking accounts for different things. 

I currently have 

BOA Checking - Personal 

BOA Savings - Personal Large Sum of cash saved for retirement (only investment, other than real estate) 

BOA Business Checking - Personal Deposit (roughly $35,000/monthly) Always a $10,000 balance  

I normally deposit money daily to the business checking and then transfer to the personal but I think I should be opening an account just for mortgages??

My mortgage payments are roughly $12k Monthly, Car leases are about $4500 monthly, I have no credit debt.. I charge every little thing then pay it off. Should I have a seperate account for credit card payments?

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I'd create a sub-account (or use just one of your current accounts) for all your fixed monthly expenses. At the beginning of the month, I'd transfer $16,500 + all your other monthly bills to one account/sub-account. Whatever is remaining is your amount to spend/save/invest as you please.

[seruby]

I don't have nearly that much,  but I only use 2 checking accounts - I have 3 though.

PNC Checking - Main - used for paying credit cards, rent, and student loans.  Also, witihdraw "play" money from this account.

NFCU Checking - used to pay auto loan

Cap One 360 checking - used to deposit money into the sub savings accounts.

Every week, I write a check for 1/4 of my auto loan amount and deposit it into my NFCU account, and I write a check for whatever extra is in my checking account once everything else is paid, and deposit it into my Cap One account.

I use an Excel spreadsheet, the PNC "scheduled out" feature, and an app on my phone to ensure all the balances line up and I won't overdraw.

[Anonymous]

As someone with multiple accounts, I recommend mint bills app for your smart phone, it allows you to set up the logins with each financial institution/credit card/or ability to set up month/yearly alerts for certain bills.  gives you a cash overview of all your money, debts, and upcoming bills.