How To Set Up A "House Account" Guest post by Krystal Taylor

The following is a guest post by Krystal Taylor, my good friend and “Super Mom” of three...

Here is one of her life saving tips that she uses to balance work , money matters, and home life.

Oops, I forgot to pay the bills!!

Yes, I have done this many many times! Thankfully we still have good credit, lol! Anyway, I have since changed that! Here is my plan…..and it has worked miracles for me! One less thing I have to worry about!  This works easiest if you have direct deposit.

1.       Open a separate bank account (at the same bank you already bank at). It is always nice to wait for those coupons they send- the ones where you get $100.00 for free just for opening an account! Chase does them, not sure where else does.

2.       Figure out all of your bills for the month.

3.       Divide those bills by how many times you are paid per month (ex: we are paid twice per month. Say your bills are $3,000 per month your total will be $1,500…etc.

4.       Have that $1,500 AUTOMATICALLY transferred into that other account (we labeled ours "house account") at every pay period.

5.       Set up as many things as you can on auto bill pay.

6.       DO NOT USE THIS OTHER ACCOUNT FOR ANYTHING OTHER THAN BILLS!

7.       Every month your bills will automatically come out of your “other” account. The money will already be there because it was AUTOMATICALLY transferred!

8.       Honestly, you have no idea how much time, stress, and phone calls this has saved me, not to mention money….because my bills are being paid on time!

Suggestions:
- Make sure to load the account with the full amount for the first month to avoid any overdraft fees!
- Remember to read the fine print! Make sure the new account you are adding does not have any additional fees.
- Is it too late? Need to talk your way out of a late fee? Here's how to talk your way out of any late fee!
- For an easy way to build your credit and earn rewards from your credit card, stack Krystal's idea with the credit building idea to see the most rewards while still saving you a ton of time!

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Perspective: What is Money?

Besides paper pulp,ink, and a mono-filament security strip, money really isn't much of anything. It is not backed by gold or silver anymore. It isn't made of precious metals or rare valuable paper (although the paper itself is a special formula).

Money is simply a socially acceptable transference of power based on a system of trust.

All the same, it is neither right nor wrong to have money vs. have very little money. I don't write about saving money because of wanting more money or wanting to spend less.There are some who hoard money and there are some who un-wisely choose poverty. Both are wrong. The reason I choose to be frugal is not about the money itself- it is about retaining the power of money over my own life. It is about not letting the importance of money get in the way of the really important things in life. It is about saying "No" to the voices of society which scream in our brains that we need this or that thing to be happy.

The most valuable money lesson we can learn is that the dollar is really simply a tool to achieve goals. As I said before, money is a socially acceptable transference of power. Therefore, gaining and retaining money is a skill worth seeking out. However, this should always be balanced with moderation. The purpose behind seeking out money is a more important factor in the right or wrong of having and keeping money. Intention is key.

In the end, no amount of money or power or piles of things, gold or silver or diamonds can ever compare to the value of love, friendship, and charity. What is valuable? The pride of a good and honest day's work. The feeling of tiny hands and toes and the laughter of a baby. The warmth of an embrace. The honesty of a friend. The love of a soul mate. Waking up every morning to the person you love more than anything in the world. The pride of knowing that you lived up to your potential. The joy of love. These things have no price and are worth far more than rubies or gold.