5 ms·

This seems foolish from a purely financial standpoint. Often times interest rates are tiered and you can get significantly higher rates with the more money you

by thematt 16y ago

This seems foolish from a purely financial standpoint. Often times interest rates are tiered and you can get significantly higher rates with the more money you have in a single account. They should combine them. They could keep pretending they have separate accounts and just write checks for what they owe, just have it come out of a single savings account.

radu_floricica 16y ago
I'd gladly pay the loss of interest rate for the added convenience of not having an excel spreadsheet which needs to be updated at every purchase.
- deleted 16y ago
  [deleted]
- georgecmu 16y ago
  Mint will update that spreadsheet for you.
  - radu_floricica 16y ago
    You still have to decide who's expense each item is. I've had common accounts with my business partner for 7 years... trust me, it's bad. We're lucky we don't really care about exactly how much each of us made, because we don't know. Since changing banks a year ago and getting separate accounts things have been heavenly. We just opened a separate account to store VAT (european sales tax) and didn't even blink at the expense.
petercooper 16y ago
I'm guessing there aren't any substantial savings that would attract better rates in this case. He's been "deep in debt" and has a blog post about how he's spending a third of his income on his car.. (another post last year suggests it'll take "years" for him to pay off his debts)
- gjm11 16y ago
  The car post was written by someone else. It seems to have been quite a long time ago that he was deep in debt. I don't know what other post you have in mind, but quite a lot of the stuff on his blog is written by other people. According to http://www.getrichslowly.org/blog/2007/12/03/free-at-last-saying-good-bye-to-20-years-of-debt/ http://www.getrichslowly.org/blog/2007/12/03/free-at-last-sa... (written in 2007) his only debt at that point was his mortgage. So I've no idea what state his finances are in now, but it doesn't sound to me like he's desperately short of money. (I had a quick look at other stuff on his blog, and I'd guess he has at least a few tens of thousands of dollars in cash. There's a post from April 2008 saying that he's got $5k in his "emergency fund" and aims to make it $10k by the end of that year, for instance.)
sliverstorm 16y ago
Not fighting with your spouse about money has to be worth something.
roel_v 16y ago
'separate accounts' != 'separate investing' As I understood it, his 'separate accounts' just means they keep separate 'books', so to speak. I have 'separate accounts' from my business partners, but when I see an opportunity for which I need more cash than I have (or that is more profitable for higher amounts), I can still team up with them for mutual benefit.

by thematt 16y ago

radu_floricica 16y ago

I'd gladly pay the loss of interest rate for the added convenience of not having an excel spreadsheet which needs to be updated at every purchase.

deleted 16y ago
[deleted]
georgecmu 16y ago
Mint will update that spreadsheet for you.
- radu_floricica 16y ago
  You still have to decide who's expense each item is. I've had common accounts with my business partner for 7 years... trust me, it's bad. We're lucky we don't really care about exactly how much each of us made, because we don't know. Since changing banks a year ago and getting separate accounts things have been heavenly. We just opened a separate account to store VAT (european sales tax) and didn't even blink at the expense.

petercooper 16y ago

I'm guessing there aren't any substantial savings that would attract better rates in this case. He's been "deep in debt" and has a blog post about how he's spending a third of his income on his car.. (another post last year suggests it'll take "years" for him to pay off his debts)

gjm11 16y ago
The car post was written by someone else. It seems to have been quite a long time ago that he was deep in debt. I don't know what other post you have in mind, but quite a lot of the stuff on his blog is written by other people. According to http://www.getrichslowly.org/blog/2007/12/03/free-at-last-saying-good-bye-to-20-years-of-debt/ http://www.getrichslowly.org/blog/2007/12/03/free-at-last-sa... (written in 2007) his only debt at that point was his mortgage. So I've no idea what state his finances are in now, but it doesn't sound to me like he's desperately short of money. (I had a quick look at other stuff on his blog, and I'd guess he has at least a few tens of thousands of dollars in cash. There's a post from April 2008 saying that he's got $5k in his "emergency fund" and aims to make it $10k by the end of that year, for instance.)

sliverstorm 16y ago

Not fighting with your spouse about money has to be worth something.

roel_v 16y ago

'separate accounts' != 'separate investing' As I understood it, his 'separate accounts' just means they keep separate 'books', so to speak. I have 'separate accounts' from my business partners, but when I see an opportunity for which I need more cash than I have (or that is more profitable for higher amounts), I can still team up with them for mutual benefit.