How many money accounts do you have? And how do you Keep track of them?

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RDHlooking4FIRE
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How many money accounts do you have? And how do you Keep track of them?

Post by RDHlooking4FIRE » Wed Oct 04, 2017 9:01 am

I have....
- online savings
-Checking
-Roth I R A
-Taxable investment account
-Emergency fund (also a taxable investment acc)
-H S A
-2 credit cards (used for rewards)

I feel like that is a lot. Too many passwords to remember. 401k not offered. Am I missing anything?

Also should I max IRA first or Hsa? I don't have many medical expenses.
Last edited by RDHlooking4FIRE on Wed Oct 04, 2017 9:23 am, edited 1 time in total.

Jack FFR1846
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Re: How many accounts do you have?

Post by Jack FFR1846 » Wed Oct 04, 2017 9:09 am

OMG.....I won't even count. I have a coded sheet with usernames and passwords on it and there's over 50 accounts. Don't even get me started on forgotten eBay accounts, FAFSA, cable TV, cell phone.......
Bogle: Smart Beta is stupid

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pennstater2005
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Re: How many accounts do you have?

Post by pennstater2005 » Wed Oct 04, 2017 9:11 am

Jack FFR1846 wrote:
Wed Oct 04, 2017 9:09 am
OMG.....I won't even count. I have a coded sheet with usernames and passwords on it and there's over 50 accounts. Don't even get me started on forgotten eBay accounts, FAFSA, cable TV, cell phone.......
Same. Too many to count :D
“Life is short, Break the Rules, Forgive quickly, Kiss slowly, Love truly, Laugh uncontrollably, And never regret anything that made you smile" - Unknown

RDHlooking4FIRE
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Re: How many accounts do you have?

Post by RDHlooking4FIRE » Wed Oct 04, 2017 9:14 am

Well I mean money accounts. Not like netflix and stuff.

And how do you manage all of your money accounts? I use mint. com.

dbr
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by dbr » Wed Oct 04, 2017 9:28 am

I write my own spreadsheets to track things. There are perhaps a dozen or so places where money might occur, including in particular sweep accounts at brokers.

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CyclingDuo
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Re: How many accounts do you have?

Post by CyclingDuo » Wed Oct 04, 2017 9:29 am

RDHlooking4FIRE wrote:
Wed Oct 04, 2017 9:01 am
I have....
- online savings
-Checking
-Roth I R A
-Taxable investment account
-Emergency fund (also a taxable investment acc)
-H S A
-2 credit cards (used for rewards)

I feel like that is a lot. Too many passwords to remember. 401k not offered. Am I missing anything?

Also should I max IRA first or Hsa? I don't have many medical expenses.
I think it is very typical to have multiple accounts due to households these days with dual incomes, employer retirement plans, IRA's for both income earners, bank/credit union accounts, taxable brokerage account, HSA, credit cards, etc... .

Monitor all accounts closely (especially due to the data breaches), change passwords often (use a unique one for each account).

Some use an aggregator (Mint, Personal Capital, YNAB, etc...) to have all the accounts appear in one place for easier "big picture" and monitoring of all activity. We use one, as well as the full view option at our brokerage and retirement account providers so we can see the big picture at any moment in time.
Last edited by CyclingDuo on Wed Oct 04, 2017 9:33 am, edited 1 time in total.

Grt2bOutdoors
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Grt2bOutdoors » Wed Oct 04, 2017 9:32 am

Spreadsheet and file cabinet (locked!). Too many to count - I need to develop a better system of organization, my poor spouse will not know where/what everything is. :annoyed
"One should invest based on their need, ability and willingness to take risk - Larry Swedroe" Asking Portfolio Questions

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ruralavalon
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by ruralavalon » Wed Oct 04, 2017 10:21 am

RDHlooking4FIRE wrote:
Wed Oct 04, 2017 9:01 am
I have....
- online savings
-Checking
-Roth I R A
-Taxable investment account
-Emergency fund (also a taxable investment acc)
-H S A
-2 credit cards (used for rewards)

I feel like that is a lot. Too many passwords to remember. 401k not offered. Am I missing anything?

Also should I max IRA first or Hsa? I don't have many medical expenses.
We have:
1 joint checking account
1 joint taxable account at Vanguard
2 Roth IRAs at Vanguard
1 rollover IRA at Vanguard
2 credit cards

Since the 4 investing accounts are at Vanguard there is only one password to remember for those 4 accounts, and I have that memorized as well as the password for the joint checking account. I don't have the password for the credit cards memorized.

I use an app, Secret Safe, to store passwords of all types.

Not enough information to say if you should max the Roth IRA or HSA first. Probably maxing the HSA will be better, it will give you more tax savings.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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Sandtrap
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Sandtrap » Wed Oct 04, 2017 10:28 am

Personal accounts
Business accounts
Too many. . . I keep them in my head but there's not much room left on "that" hard drive :oops:
Shared experiences to benefit all -- not an exspurt -- per forum guidelines :) Golf score allocation 50/50 swings vs putts.

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pennstater2005
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Re: How many accounts do you have?

Post by pennstater2005 » Wed Oct 04, 2017 10:33 am

RDHlooking4FIRE wrote:
Wed Oct 04, 2017 9:14 am
Well I mean money accounts. Not like netflix and stuff.

And how do you manage all of your money accounts? I use mint. com.
Still too many to count :wink:
“Life is short, Break the Rules, Forgive quickly, Kiss slowly, Love truly, Laugh uncontrollably, And never regret anything that made you smile" - Unknown

S&L1940
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by S&L1940 » Wed Oct 04, 2017 10:52 am

All financial assets at Vanguard
I Bonds
Joint checking
bunch of credit cards - mainly two that actively manage 90+% of our spend

passwords, plenty, written out on a page that I access when logging in
figure if someone has broken in to my house and has the leisure time to ransack the place, they could eventually find anything so may as well make logins convenient for us...
Don't it always seem to go * That you don't know what you've got * Till it's gone

soccerrules
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by soccerrules » Wed Oct 04, 2017 10:56 am

not to bad - 5 username/password combos
joint checking, savings and rewards credit card -- same bank and online access (mint.com connected)
other joint credit card (not actively using) (mint.com connected)
Vanguard Account ( His IRA, Her IRA, Joint Taxable and Her 403B)
His HSA
His 401k
Don't let your outflow exceed your income or your upkeep will be your downfall.

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papiper
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by papiper » Wed Oct 04, 2017 11:10 am

16
Quicken and Excel

mega317
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by mega317 » Wed Oct 04, 2017 11:11 am

I have 5 old and current employer plans all aggregate on one website, so I count them as 1.
Two VG Roths I count as 1, and two tIRAs that have no balance 364 days a year that I don't count.
1 taxable brokerage
1 UTMA
1 checking
treasury direct
Also 2 Ally savings I count as 1 and usually have minimal balance

So while there are more account numbers, I only think of really 6 separate collections of money.

If you search "how many accounts" you can find hundreds of other posts.

Broken Man 1999
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Broken Man 1999 » Thu Oct 05, 2017 10:34 am

Banking: All at a credit union first joined in August of 1973.
His checking
His savings
His credit card
Her Checking
Her savings
Her credit card
Our checking
Our Savings

Investments: All at Vanguard
His rollover IRA
His Roth IRA
Her rollover IRA
Her Roth IRA
Our brokerage taxable account
Our Vanguard annuity

Misc. Credit Cards (Excluding credit union)
His: Eight
Hers: Two

All accounts have online access, and passwords in a password program. Very seldom is there any balance on more than a couple of cards. All cards are set up on auto-pay, full statement balance unless 0% + extended payments have been offered. Then set up recurring auto-pay to have balance paid by expiration of extended terms.

At some point in time I will drop some of the cards, like the home improvement card and the electronics card. We need them until we have selected new appliances.

All in all, not much to do except examine the emails for statements, card use, and payment activities.

The system works fine for us.
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

Fclevz
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Fclevz » Thu Oct 05, 2017 10:43 am

One.
Investing, banking, and credit card are all under my one Fidelity login.

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ruralavalon
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Location: Illinois

Re: How many money accounts do you have? And how do you Keep track of them?

Post by ruralavalon » Thu Oct 05, 2017 10:53 am

Broken Man 1999 wrote:
Thu Oct 05, 2017 10:34 am
Banking: All at a credit union first joined in August of 1973.
His checking
His savings
His credit card
Her Checking
Her savings
Her credit card
Our checking
Our Savings

Investments: All at Vanguard
His rollover IRA
His Roth IRA
Her rollover IRA
Her Roth IRA
Our brokerage taxable account
Our Vanguard annuity

Misc. Credit Cards (Excluding credit union)
His: Eight
Hers: Two

All accounts have online access, and passwords in a password program. Very seldom is there any balance on more than a couple of cards. All cards are set up on auto-pay, full statement balance unless 0% + extended payments have been offered. Then set up recurring auto-pay to have balance paid by expiration of extended terms.

At some point in time I will drop some of the cards, like the home improvement card and the electronics card. We need them until we have selected new appliances.

All in all, not much to do except examine the emails for statements, card use, and payment activities.

The system works fine for us.
WOW!!!
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

gowest
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by gowest » Thu Oct 05, 2017 11:37 am

To keep track of everything, I use YNAB, which stands for You Need A Budget (https://www.youneedabudget.com/). It is a wonderful program, but not for everyone. Basically you set up categories for expenditures, and then when money comes in (income, for example), you divvy it up among categories you create (mortgage payment, groceries, dog expenses, electric bill, anything you want). We track what we spend, and where it's going. Our various accounts are linked to YNAB, and transactions are automatically imported (since everything is electronic). This includes checking, credit cards, Ally savings, retirement accounts.

Slothmeister
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Slothmeister » Thu Oct 05, 2017 11:53 am

Seven accounts in five locations.

JBTX
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by JBTX » Thu Oct 05, 2017 12:05 pm

ruralavalon wrote:
Thu Oct 05, 2017 10:53 am
Broken Man 1999 wrote:
Thu Oct 05, 2017 10:34 am
Banking: All at a credit union first joined in August of 1973.
His checking
His savings
His credit card
Her Checking
Her savings
Her credit card
Our checking
Our Savings

Investments: All at Vanguard
His rollover IRA
His Roth IRA
Her rollover IRA
Her Roth IRA
Our brokerage taxable account
Our Vanguard annuity

Misc. Credit Cards (Excluding credit union)
His: Eight
Hers: Two

All accounts have online access, and passwords in a password program. Very seldom is there any balance on more than a couple of cards. All cards are set up on auto-pay, full statement balance unless 0% + extended payments have been offered. Then set up recurring auto-pay to have balance paid by expiration of extended terms.

At some point in time I will drop some of the cards, like the home improvement card and the electronics card. We need them until we have selected new appliances.

All in all, not much to do except examine the emails for statements, card use, and payment activities.

The system works fine for us.
WOW!!!
Somewhat similar to us

8 banking accounts in 3 banks
Probably about 15 or so investment accounts at fidelity and vanguard, most of them 401k, Ira or Roth.
Wife has separate current 401k
Probably about 10 credit cards active in some way.
Mortgage

I use quicken. If not for quicken I'd probably simplify.

PatrickA5
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by PatrickA5 » Thu Oct 05, 2017 1:44 pm

Not including credit cards we have a total of 8 accounts.

Vanguard - his and hers Traditional and Roth IRAs, one joint brokerage account/checking. All can be seen on one Vanguard screen, since we've given each other rights to the accounts.

One small 401K that will be rolled to Vanguard when DW quits her job.

Brick and Mortar checking account

One 529 account

I've spent the last several years simplifying our finances and think I'm pretty much done. The 401K and 529 account will eventually be consolidated with the other Vanguard accounts, leaving nothing but Vanguard and a regional bank where we keep small amounts of money. We aggregate all of our accounts using Quicken.

GerryL
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by GerryL » Thu Oct 05, 2017 2:32 pm

I have been using Quicken for years, so the transactions and totals are all in one place. I reconcile routinely monthly. The issue is not so much how many accounts, but how many financial institutions you need to keep track of. Since retiring I have consolidated my investments at Vanguard and deal with a credit union and an online bank for checking/savings.
Since I opened a new (4th) credit card recently, I am feeling a little of the pain of keeping track of multiple spending accounts but feel I have it under control. (Only one of the cards is with one of the previously listed financial institutions.)

My most valuable accomplishment in the past year or so is a system for keeping track of all my medical expenses, including a slew of monthly insurance premiums. Not piles of money but scattered around different institutions and payment methods.

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Toons
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Toons » Thu Oct 05, 2017 2:47 pm

Quicken takes care of My financial life.
A few clicks.
:happy
"One does not accumulate but eliminate. It is not daily increase but daily decrease. The height of cultivation always runs to simplicity" –Bruce Lee

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Phineas J. Whoopee
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by Phineas J. Whoopee » Thu Oct 05, 2017 3:03 pm

Several, plus vendor accounts from which I get billed.

I use discontinued Microsoft Money, in which I have more than a quarter century of financial records. I've tried and failed, more than once, to export the data and have it interpreted correctly.

Every week I log in to each place, typing the URL and my varied login IDs and unique passwords. I'm looking to see if we agree on what I have, but I'm also practicing my credentials so I don't forget them. None are written down. I mentally run through PINs, too.

It doesn't take very long.

PJW

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czeckers
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by czeckers » Thu Oct 05, 2017 3:14 pm

Oh... just a few accounts here:

Checking/Debit card for everyday household expenses
Checking/Debit card for charity
Savings for all automatic bill pay
Savings for <$1000 items that go over budget (car repairs, house maintenance, etc.)
Savings for school tuition
Each child has checking and savings accounts that we use to teach money management skills (x9 children)
Checking and savings account at credit union that my wife's family belongs to
Escrow account for property taxes
HSA
403b employee contribution account
403b employer contribution account
457
VG emergency fund
VG brokerage account
VG sweep account
his and hers Roth IRAs
his and hers TIRAs with $0 balance used for backdoor Roth conversions
529 accounts x 9 children
1 active Credit Card
PayPal account
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therub
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by therub » Thu Oct 05, 2017 9:12 pm

I've tried ignoring everything. I've tried budgeting everything. What I discovered is that by simply tracking my net worth on a regular basis, I cover all my bases and it's not too granular, time consuming, or gappy.

I do this once per month, but if I miss a month it's not a big deal. I usually look forward to it but in bear markets sometimes I would ignore it for a few months as a coping mechanism :)

Simple online spreadsheet, columns are today's date, cash (checking/savings accounts minus CC balances), taxable investments, retirement accounts, home value (the only property I bother counting), then a total assets column (sum of the former). Then liability columns: mortgage balance, other loans (if any), total debts (sum of liabilities), then finally the net worth column (assets - liabilities).

Then I have a graph that shows the net worth over time, and some of the other columns that I find interesting to track. As long as the lines are moving in the right directions month to month, I'm happy. If not, I can adjust our behavior accordingly. After a few years, this data becomes quite interesting, and it's a great way to see and track milestones. The data also helps me avoid being stressed about money - sometimes when we have those expensive months I start to worry, but then when I tally up the columns I might see that while my cash column did indeed go down, perhaps other columns went up (sometimes a lot), and overall the month was a small blip rather than a pattern worth stressing over.

But this isn't a net worth thread, it's a financial tracking question. I discovered, eventually, that by virtue of actually keeping track of and logging into each and every one of my accounts every month to gather the data manually, I am in turn making sure I did not miss anything, forget about anything, etc. And if there is an account that I no longer need, I have a built in monthly reminder to do something about it. I know that all my usernames/passwords/two factor auth work, and there's no magic involved.

I find this wholly satisfying of my needs to not only track my budget, but also keep track of all of my accounts. It takes probably 15 minutes start to finish.
Fees are the rub.

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abuss368
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Re: How many money accounts do you have? And how do you Keep track of them?

Post by abuss368 » Thu Oct 05, 2017 9:29 pm

RDHlooking4FIRE wrote:
Wed Oct 04, 2017 9:01 am
I have....
- online savings
-Checking
-Roth I R A
-Taxable investment account
-Emergency fund (also a taxable investment acc)
-H S A
-2 credit cards (used for rewards)

I feel like that is a lot. Too many passwords to remember. 401k not offered. Am I missing anything?

Also should I max IRA first or Hsa? I don't have many medical expenses.
Hi RDHlooking4FIRE -

We have simplified our financial life over the last decade. We made additional changes this year by removing our savings account.

We used Quicken for close to 10 years. Almost 10 years ago we stopped cold turkey and have never looked back! At first it was a small mental adjustment but our financial lives have become so clear that there really was no more need or purpose for financial software.

You can gladly message me if you would like to discuss in greater detail.

Best.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!" | | Disclosure: Three Fund Portfolio + U.S. & International REITs

AlphaLess
Posts: 37
Joined: Fri Sep 29, 2017 11:38 pm

Re: How many money accounts do you have? And how do you Keep track of them?

Post by AlphaLess » Fri Oct 06, 2017 9:27 pm

Use a password manager.

Carefully describe every account in the password manager (because you might multiple of some).

Broken Man 1999
Posts: 752
Joined: Wed Apr 08, 2015 11:31 am

Re: How many money accounts do you have? And how do you Keep track of them?

Post by Broken Man 1999 » Sat Oct 07, 2017 4:11 pm

AlphaLess wrote:
Fri Oct 06, 2017 9:27 pm
Use a password manager.

Carefully describe every account in the password manager (because you might multiple of some).
This!! I don't know if everyone realizes how easy it is to manage online accounts with a password manager.
Broken Man 1999 wrote:
Thu Oct 05, 2017 10:34 am
Banking: All at a credit union first joined in August of 1973.
His checking
His savings
His credit card
Her Checking
Her savings
Her credit card
Our checking
Our Savings
For "his" accounts and "our accounts", only one login is required. All accounts are listed when I sign in. All "her" accounts are listed with her one login.

Investments: All at Vanguard
His rollover IRA
His Roth IRA
Her rollover IRA
Her Roth IRA
Our brokerage taxable account
Our Vanguard annuity
Grandchild 1 509*
Grandchild 2 509*
Grandchild 3 509*
* I forgot those accounts in original post.
Now that I can transact on her accounts, only one login is required for all Vanguard accounts. I will add her ability to transact on my accounts, and she will have the same ability for all Vanguard accounts, except 509 accounts, as Vanguard doesn't allow those to be added to others.

Misc. Credit Cards (Excluding credit union)
His: Eight
Since the credit cards are with different issuers, I need eight logins
Hers: Two
Since the credit cards are with different issuers, she needs two logins.

All accounts have online access, and passwords in a password program. Very seldom is there any balance on more than a couple of cards. All cards are set up on auto-pay, full statement balance unless 0% + extended payments have been offered. Then set up recurring auto-pay to have balance paid by expiration of extended terms.

At some point in time I will drop some of the cards, like the home improvement card and the electronics card. We need them until we have selected new appliances.

All in all, not much to do except examine the emails for statements, card use, and payment activities.

The system works fine for us.
I use LastPass, and have all my logins in one folder. Easy as can be to login and do whatever activity I need to accomplish. All total, I need 10 logins for all the accounts that are available for me, and wife needs only four.

Very strong passwords can be generated by LastPass for all sites. The passwords are typically the maximum number of letters/numbers/special symbols that the site will accept. I can't imagine trying to remember even ONE password with 20 or more letters/numbers/special characters, much less 10. :shock:

The only password I have written down is the master password for LastPass. Don't lose it, as you will have to rebuild your entire site base. I know, as I lost my master password, and had to rebuild everything. Never again! :oops:

Broken Man 1999
“If I cannot drink Bourbon and smoke cigars in Heaven than I shall not go. " -Mark Twain

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