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Fiscal Femme Anonymous Money Survey 2022 - Part #2

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Fiscal Femme Anonymous Money Survey 2022 - Part #2

And we’re back with part #2 of the results from the Fiscal Femme Anonymous Money Survey. If you missed it, here’s part #1. This time we’re talking about your systems and accounts. 

While many of you shared your favorite apps (I’ll give you a rundown below), a great deal of you were also looking for recommendations. Stay tuned! 

From there, we’ll go into an account breakdown - how many accounts you have and what systems work for you. 

Favorite Apps and Money Tools

  • 22% of you love a good excel spreadsheet or google sheet to manage your money

  • The Fiscal Femme spreadsheets - specifically the budgeting spreadsheet and money game got a few shoutouts 🥳 

  • Why you love using spreadsheets - What I love about it is that you HAVE to enter every spending (whether it's daily or weekly). This makes you "touch" each transaction you made so it is not "out of sight, out of mind". This has helped me tremendously.

  • A whopping 31% of respondents who shared apps use Mint, the OG budgeting app

  • Another top choice with 13% of the vote went to YNAB (you need a budget). I know that clients who love this app, really love it! 

Here are the other apps that got a shoutout (in alpha order)

Accounts Galore

How we set up our accounts is very personal and there is not one way to do it. I think the best way to do it is to get some inspiration, test it out and adjust. Over the years I’ve tweaked and adjusted my systems as I change, as my life changes and as I learn what works for me. 

One piece of advice: keep it simple. When we (myself included) get inspired to set up systems there can be a tendency to make it complex. I recommend keeping it as simple as is helping and then you can always add detail from there.  

Okay so here’s how you set up your accounts! 

The average survey respondent has 1.7 checking accounts and 2.3 savings accounts for a total of over 4 accounts.

Average Checking and Savings Accounts Chart

Here are some of your account system tips:

  • Many of you separate out your true rainy day fund from other savings goals 

  • Many are utilizing high yield savings accounts (HYSA) to get some interest! Here’s what to look for in an account. 

  • The HYSA are often broken up into many buckets for different savings goals. Number of sub-buckets ranged from 2-7

  • Some example buckets - rainy-day fund, home fund, travel, car, kids school, vet, presents / holiday 

  • Some, specifically the YNAB users, care less about where the money is (as far as accounts) and more about where the money is going (i.e. spending and saving)

  • Some keep sinking funds (like an account for gifts) in a separate checking account (rather than a savings account)

  • Lots of credit union users and lovers! 

  • One respondent keeps a separate checking account in the case of a security breach 

  • A few respondents have separate checking accounts for fun vs. bills to keep it clear 

Why you love HYSAs: 

  • “I like having a separate savings account that isn’t accessible from my debit card, it prevents me from just taking money out of it without thinking. I have to log into my account online to move money and actively manage it.”

  • “I fell victim on payday to "I have SO MUCH MONEY!" Shopping, eating out etc, then running out at the end of the pay period. Separating my accounts has made how much money & have so much clearer. No more declined transactions!”