For us, esp my non numbers person DH, we have a bunch of small sinking funds. Our bank lets us have as many sub accounts as we want. Right now they are set up as savings accounts then we put the amount we need into our main account when we need to spend it.
We currently have
DH’s allowance (as he jokingly calls it) this is his money for his gas, his haircuts, whatever he needs, he gets 250 a month, and as long as he doesn’t blow it all he can spend the rest however he wants – lunches out, whatever.
Savings – this is used for big ticket items we need or things that pop up we didn’t expect. Like my youngest needed bike repairs recently.
Car fund – this is for any car related expenses, plate/ tab renewals, maintance, whatever
Kids clothing – clothes & shoes
Vacation – this was suppose to be a cruise in 2014 however hubby has decided to retire from the Army & get a new career so it will now be moving expenses.
Scouts – our kids don’t do sports or music so this is our major expense for them, we put aside enough to cover summer camp & monthly expenses including dues, camp outs, day outings, they do fundraising to supplement this as well.
Im sure we have more I just can’t think of them right now.
DH’s allowance is actually a debit account so he can withdrawl with a separate debit card with a credit card logo.
My blow money is taking out monthly and put in my purse as cash. Which works better for me.
My gas is taken out 2 times a month, on payday. One tank will do me each 2 week period. Even with DH sometimes taking my car.
We tried dumping it all into one account and doing a spreadsheet/ check register for tracking the money, but it was just too much extra work for us. This way is so much easier for us, esp DH. And if you borrow money from say savings if there isn’t enough in the car fund, we can track it better that it was moved.