Last year, my family started on the adventure of a lifetime: competitive dance with my daughter. We knew it would be fun and we knew that we would be the best little fan club of a family, but what we didn’t expect was the financial obligation would come along with it.
Thankfully, I was able to cover her costs with the profits from my second job. And, honestly, at the end of the season (which lasts 11 months) – it was worth every penny. But, being the cost cautious person that I am, I knew that I somehow had to get a handle on the money flowing in and out of our main accounts.
Problem: Our bank account is set up to provide for bill paying, entertainment, and extras (eating out, groceries, school expenses, etc.). Transferring and bringing in “side” money to pay for the kids’ extra expenses was causing havoc because I had to remember what checks had cleared, what was still to come, and what money was actually “extra” at the end of the month!
Solution: I opened a [free] ING account (now called CapitalOne360) that is now home to all extras. My husband’s freelance money and my business profit deposits into this account as it comes in. Dance and tennis costs flow out of this account.
The CapitalOne360 account comes with a debit card and the option to order checks. It also has an iPhone app (also android, blackberry, & mobile web) with the capability to process photo deposits. These things work great for my situation!
This, for me, is accomplishing the goal of clearing up our house account, but it also allows for (1) easy tracking of the amount of business profit we bring in, AND (2) easy tracking of the amount that tennis and dance cost us on a yearly basis so that we can continue to track and budget for these in the activities future.
I’ve been using this system for 3 months and I can honestly say that it is wonderful. Because the statements that I receive at the end of the month aren’t lengthy, it’s very easy to break down the expenses and log them correctly into my trusty spreadsheet.
The great thing is that you can open an account anywhere – credit union, bank, whatever you choose! The process is the important part, not the institution that you bank with.
€¦ and remember, there’s no cents in paying full price! Find a company (like CapitalOne360) that offers free services. This should be a help to you, not an added expense!
TIP: If you pay your child’s sport expenses out of your salary, deposit a lump amount once a month! For example, if you estimate that you’ll spend $400 in October – deposit $400 on October 1. You can always pull over more money if needed!
* This post is part of a weekly segment on KSBJ Christian Radio. For more on segments featuring Stephanie Click, the Texas Money Mom, click here.
** I’m not getting any compensation from CapitalOne360, I just like that they are free and thought it might be an option for many of you.
