Income Deposit Account

To make organizing your money really easy, you will need an Income Deposit Account.

This should be a checking account dedicated to one thing:  Collecting your income.  

You see, most people deposit their money into the same account from which they spend their money. 

It’s a lot like pouring water into a leaking bucket.  No wonder we can’t get control of it.

That’s why we recommend using an Income Deposit Account.

Arrange for all of your paychecks to be deposited into this account.  You will never spend money from this account.

Once collected, use the Organize page to easily allocate your income into your other checking and savings accounts.  

The goal is to collect an entire month’s worth of income before organizing it, but you can organize any amount of money at any time until you are able to reach this goal.  

If you’ve set up account schedules, you can use these to help you allocate your money, or you can manually enter the amounts you wish to allocate.

Every time you Organize your money, Defend Your Money creates a transfer list to move the money you’ve allocated, from your Income Deposit Account into your other accounts.

If you also have assigned credit card charges,  the app combines both these AND your income allocations into one set of transfers.

You can hover over the calculators on the Transfer page to see how this is done.  

Once your transfers are made, your money will be physically organized in your separate accounts and your credit card charges will be covered.  

Organizing your money and making your transfers takes just a few minutes each month, and you are going to love how it feels to be in control of your finances. 

In the next video we will go back over all of the recommended accounts and how to set them up.