We’re sharing unique ways people are using One.
Guest Contributor: Johnathan K.
My budget with One is set up. I’m sharing what I’ve done.
Coming from Simple, One isn’t perfect but overall I’d say it’s great! I love being able to share Pockets with family members for shared bills, I love that we now can have Scheduled Transfers between Pockets and external accounts, and between Pockets and OTHER POCKETS!!! (Simple never allowed auto-transfers between expenses and goals).
Sadly, there isn’t a quick pay feature to send money to other people who have One accounts yet, but I just set up a shared Pocket with all my family members we can use as a workaround.
In addition to Scheduled Transfers, I love the fact Pockets have their own account numbers. Because this means I can have a specific Pocket for each bill and credit card I have, and that I can set up each bill and credit card to pull the payment from its unique Pocket!
For my credit cards this is especially cool, as when I spend something with the credit card, I’ll just transfer that amount from the groceries, gas, or Spend Pockets, to the Pocket associated with the credit card the charge was made with. If done right, the amount in the Pocket for each associated credit card should always be exactly the same as the “current balance” for that card, so I always know what I owe, with each credit card set up to auto-pull the full statement balance from its unique Pocket. This ensures I never fall behind on my credit card payments. This also allows me to simply compare transactions for each Pocket with its counterpart credit card statement, revealing if anything is unaccounted for and needs remedying.
For my budget though, Simple‘s handling of expenses was wonderful. Especially the ability to have different amounts deposited into an expense depending on how many paydays were in the month! I had to figure out how to handle months with uneven numbers of weeks with One. The way I figured this out is, first I put a $500 cushion into the Budget Pocket to handle any variations from months with more or less weeks in them. Then I’m taking my total annual cost of all my bills, and dividing that by 52 weeks. Then I set up Scheduled Transfers to transfer 1 week’s worth of bills to the “Main Budget” Pocket every Monday. Then I set up Scheduled Transfers to distribute the full monthly amount to each individual Pocket in time to pay that bill. If a bill has to be paid with a credit card, I then use a Scheduled Transfer to transfer that amount from that bill’s Pocket to the Pocket representing the credit card used to pay it.
I just finished setting up all the Pockets I’ll be using for now, and their Scheduled Transfers, and thought I would share a version of what I’ve done but without my private info.
It sounds complicated, but once I set up the 16 bill Pockets, 7 credit card Pockets, and 3 budget Pockets, I just had 21 Scheduled Transfers to set up, with only 3 occurring weekly. It should keep my account transfer list mostly clean and straightforward.
My One Budget
– Everything in quotes are Pockets.
– Transfer amounts are x’d out for privacy.
– Payday is every Monday.
– 90% of my paycheck goes to “Spend” Pocket.
– 10% of my paycheck goes to “Auto-Save” Pocket.
- Send [$xxx.xx] from “Spend” to “💰 Main Budget”
- Send [$xxx.xx] from “💰 Main Budget” to “🥦 Grocery Budget”
- Send [$xxx.xx] from “💰 Main Budget” to “🚗 Gas Budget”
- On the 4th send [$xxx.xx] from “💰 Main Budget” to “💸 Internet” *
- On the 7th send [$xxx.xx] from “💰 Main Budget” to “💸 Dental Insurance”
- On the 10th send [$xxx.xx] from “💰 Main Budget” to “💸 Theme Park”
- On the 13th send [$xxx.xx] from “💰 Main Budget” to “💸 Car Insurance”
- On the 13th send [$xxx.xx] from “💰 Main Budget” to “💸 Cell Phone” **
- On the 15th send [$xxx.xx] from “💰 Main Budget” to “💸 Electric” *
- On the 17th send [$xxx.xx] from “💰 Main Budget” to “💸 Web Membership” *
- On the 17th send [$xxx.xx] from “💰 Main Budget” to “💸 Club Membership” *
- On the 17th send [$xxx.xx] from “💰 Main Budget” to “💸 Vet” *
- On the 17th send [$xxx.xx] from “💰 Main Budget” to “💸 Streaming Service” *
- On the 27th send [$xxx.xx] from “💰 Main Budget” to “💸 Rent”
- On the 28th send [$xxx.xx] from “💰 Main Budget” to “💸 Health Insurance”
- On the 28th send [$xxx.xx] from “💰 Main Budget” to “💸 Family” ***
Other Monthly Transfers…
- On the 5th send [$xxx.xx] from “💸 Internet” to [Credit Card 2] *
- On the 14th send [$xxx.xx] from “💸 Theme Park” to [Credit Card 2]
- On the 16th send [$xxx.xx] from “💸 Cell Phone” to [Credit Card 1] **
- On the 17th send [$xxx.xx] from “💸 Vet” to [Credit Card 2] *
- On the 28th send [$xxx.xx] from “💸 Rent” to [External Bank Account]
* Shared Pocket with brother
** Shared Pocket with multiple family members
*** Shared Pocket with mom and sister
After this, everything in the “Spend” Pocket is similar to Simple’s “Safe-To-Spend” feature. It’s money that I haven’t decided what to do with yet. If I decide to start any Pockets for Goals, I can add those in, too.
I’m actually really happy with this. I look forward to seeing how well it actually works!
Thanks for reading everyone.
Katie is a tech and finance writer, covering stories from building better financial health to credit cards. They are currently based in Sacramento, CA with their puppy Ollie and cat Bagel.