Budgeting is something that I do almost subconsciously today, but it wasn’t always like that for me. It wasn’t until right before my wonderful partner, Sarah, and I were married in 2012 that I was able to make any real progress. It was actually that same year that I joined in on the beta for Simple and I never once looked back at traditional banking again.
Sadly, BBVA decided this year to shutter our most beloved banking experience, and I’d like to share a bit about our journey finding a new home with One.
What we love about One
Moving to a new banking experience after almost 9 years was a big leap. Fortunately, One made it incredibly easy to link to my existing accounts and move money over to test, and then to fully make the switch. I’ll go into more about how we move money and why this is important shortly!
Shared Pockets help my partner and I both share ownership of and visibility into our entire budget. In Simple, we had a concept of a shared account with its own budget, but Pockets go further with dedicated account numbers to manage our autopay.
Scheduled transfers are what make our budget work, and aren’t limited to just Pocket to Pocket, but also between Pockets and external banks, something that’s incredibly important to using One as our budgeting hub.
Budgeting was taught to us growing up but not something that really clicked until we learned how tough things can be without a plan when we got to the real world. Our budget starts when Sarah and I get paid. This was originally where we struggled, because our pay periods almost never lined up. Fortunately, One makes this super simple because we both deposit our paychecks into our personal Save Pockets. Here’s how a typical month looks for us.
Our One Budget
I get paid on the 1st and 15th.
Sarah gets paid every two weeks.
We both contribute 10% of our paychecks into our individual Auto-Save Pockets.
We both deposit the remaining 90% of our paychecks into our individual Save Pockets.
We both use Scheduled Transfers to auto-fund our Pockets.
Amounts are x’d out for privacy.
Everything in quotes are Pockets.
On the 1st, we both send [$xxx.xx] from “💰Save” to “💸 Spend”
On the 1st, we both send [$xxx.xx] from “💰Save” to “💸 Spend - Shared” *
On the 15th, we both send [$xxx.xx] from “💰Save” to “💸 Monthly Bills” *
On the 15th, send [$xxx.xx] from “💰Save” to “💸 Loan”
On the 15th, send [$xxx.xx] from “💰Save” to “💸 Mortgage”
We try to keep the number of Pockets we need to a minimum, and group similar expenses as much as possible. Due to the differences in our incomes, there are a few Pockets that I fund completely, and others that we both contribute to. Our largest contributions go toward our “Monthly Bills” Pocket, where Sarah and I have combined all of our recurring expenses. We track these in a spreadsheet to give us a total which we both split our contributions to.
Other Monthly Transfers…
On the 1st, scheduled transfer [$xxx.xx] from “💰Save” to [External Bank Account]
On the 15th, scheduled transfer [$xxx.xx] from “💰Save” to [External Bank Account]
There’s a few things that we can’t move over to One, but fortunately the Scheduled Transfers work with external bank accounts. We make two transfers as a workaround; the first for two vehicle loans and the second for a low-interest credit card at a local credit union. This ensures that we always get the amount right and I never have to worry about missing a payment.
*Shared Pocket between Bob and Sarah
Updates we’d love to see from One
There are some features we’d love to see happen at One in the future. They’ve done a great job keeping us updated and even published a peek into their near-term roadmap to let us know what’s coming soon. We’re really excited about virtual cards for every Pocket that just launched last week.
I don’t need to write a check that often (typically 2-4 per year), but when I do I need to use another bank to do it. This is on the roadmap so I’m excited to have the ability to mail a check soon.
We’d love a single shared version of the Save and Auto-Save Pockets so we can both contribute to the same Pocket. We can currently share one between us, but one person will always see their original “Save” pocket. An added bonus would be having the ability to rename our default Pockets (Spend, Save, and Auto-Save) to reduce the confusion between our accounts.
Our best tip to new One customers coming from Simple
If you can, deposit your paycheck into your Save Pocket and budget out of your Spend Pocket. By using this method, we’ve built a save-first, spend-later approach to our budgeting. One makes it SUPER easy to move money between Pockets automatically, and everything is always one quick swap of your One card. This helps us mimic Simple’s “safe-to-spend” model, and it’s been pretty effective. You can add as many or as few Pockets as you need, but we’ve found that less is better.
I hope this helps you on your budgeting journey and I look forward to seeing more stories about how others have met their financial goals with One.