Shaine Mata Blog

In the last couple of posts, I have written about how I am using Simple.com to manage my self-banking experiment . It turns out that one flaw in the process is me. It has become habitual to check balances, transfer money, schedule payments, and figure out strategies to ensure what needs to be paid gets paid. I maintained the habit knowing that Simple can mostly manage things. Since switching my payroll direct deposit over to Simple, finally, much of my fussing over money is automated. It has been difficult for me to let go of the reins. At first, I was putting lump sums into Simple Goals in order to pay off self loans, as I have done since beginning the self banking experiment. The problem with manually doing this is that Simple automatically allocates a daily amount into your goals. Therefore, your Safe-to-Spend quantity goes down every day as Simple allocates your daily rate. For example, let's say that to meet my Goals, Simple needs to set aside $45.67 per day among the v...

In my last blog post, I wrote about my self banking experiment and a transition to +Simple  as my main bank account. Previously, I had my paycheck deposited into a local bank. The money would then pay bills and pay down my loans to myself. This method required a lot of time in tracking accounts, bills, and loan balances. Transitioning to Simple has freed up so much time. Self Banking Recap Let me recap the self-banking idea. I have a savings account where I accumulate a percentage of my income. Whenever I need to purchase something other than a living expense, a WiFi router for example, I use money from savings. That instantly becomes a loan with tacked on interest that is paid back over one year or less. In this way, the savings account has a means to grow other than the meager interest rate the bank offers. In this way I avoid using outside credit and recapture the interest I would have paid out. Self-banking is a fun mental game to play with my finances. Whenever I purcha...