One of my favorite things to do is share about things that have made my life easier and simplified. I often talk about the goals Steven and I have and what we are working toward. We’ve been laser focused this past year on trying to pay off our non-student loan debt. Actually, as of right now we’ve paid off roughly $8k and have less than $4k to go and that feels SO good! We are working so hard!
But within that, we are also working on building up our various sinking funds so that we can live the life we want, and that includes travels and adventures. Something that I started using a few months ago is Ally Banking. I heard about it on the Life with Amy + Jordan podcast, and I was so intrigued!
In our relationship, I’m the one that manages the finances. I like to do it, and I have more bandwidth to do it during this season of life. Typically I’d keep a running tally of how much money in a single account was going to toward different things. Honestly, it was getting more and more challenging to keep up with. I didn’t want to keep envelopes for those funds (which is how we do 90% of our finances) because they were much larger financial goals.
When I heard about Ally banking, I immediately looked into it and was psyched! It was EXACTLY what I’ve been needing! It’s all online banking, which is great for me because most of our banks are still based in Maine, so opening up more accounts with them just didn’t make sense. I’m able to transfer money from our bank accounts to our Ally accounts and I LOVE it!!
Within Ally, we have I think 7 accounts now, and they’re all “sinking funds.” It’s money we add to it each month like a bill, and they’re all out of sight out of mind! We have accounts for:
- Steven’s climbing trip,
- our two family trips we are planning this year,
- memberships for Lily,
- a car fund, and a few others.
The best part is you can add as many accounts as you want, and it’s SO easy to do! Ally Banking has been such a great way for us to save up money, and do it kind of quickly. I love that it’s part of the monthly budget for us, and that it’s so easy to do!
I want to share about this, because I had no idea it existed until recently. We also have so many friends that are working on so many of their own financial goals, and I think this could be helpful!
Linda is a Portland-based photographer specializing in weddings and creating family legacies from Portland to Boston and across New England. You can see more of her work online at lindabarryphotography.com, on Instagram, or on Facebook. If you want to reach out directly: email@example.com.