My Financial Accounts Setup

Everyone has their own formula for the number of accounts and the amount of money they put in them. I figured. Depending on their lifestyle and budget, people divide accordingly. Keeping to the setup of my finances is very important to financial stability. The general accounts that many people consider are:

• Savings
• Checking
• Credit Card
• Emergency Fund
• Brokerage
• Individual Retirement

Currently my financial accounts percentage setup is:

At my stage in life, I have no need for an emergency fund nor do I have or want to use a credit card until I feel the need for a good-standing credit score.

So, here is what I hope my finance allotment would look like by the time I accomplish my short-term goal:

A person’s personality and age often determines how he/she uses and disperses their money.

• Big spender/Teens and young adults – Allocate more in checking and credit card accounts.
• Risk Taker/Young adults – Allocate more in brokerage and emergency fund accounts.
• Conservative/Mature adults and elders – Allocate more in savings and retirement accounts.

I’m the conservative type but I’m young and curious, particularly in business and the stock market, so I allow myself to entertain my interests. BUT I will be working to reach my ideal setup.

• What Happens To Student Accounts After Graduation?...
• Saving Early vs. College Financial Aid...
• Fed Rate Cuts Once Again Affects Savings Accounts...
• Saving or Paying Down Debt: Why 50/50 Works...
• My Financial Goals for 2010...
• No 401k, Maxed Out Roth IRA, What Else Do You Use to Save?...