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Multiple Bank Accounts
Saving money at the airport and why you should consider having multiple bank accounts.

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In this mini-episode, I share how you can save money on coffee at the airport and why you should have multiple bank accounts. For more money tips, join me live every Sunday over on my Facebook page (@thethoughtcard).

Tip #1: Instead of buying coffee at the airport, get free coffee during your flight. Now it might not be a latte or frappuccino but it still does the job. So if you want to save money on coffee, get it for free on your next flight.

Tip #2: Unlimited free Wi-Fi has become very popular in airports. While waiting for your flight, get some work done or connect with family and friends on social media by taking advantage of the free Wi-Fi.

Tip #3: Having multiple bank accounts is any easy way to manage your money. It allows you to see each line item on your budget separately so at a glance, you know exactly how much money you can spend.

Tips for setting up multiple bank accounts:

  • Figure out how many accounts you need based on your budget.
  • Next take advantage of automation – direct deposit money from your employer into specific bank accounts so all you have to do swipe and spend.

Resources Mentioned:

Back to Budgeting Basics: Why You Need Multiple Bank Accounts

REVIVE Your Budget Challenge – this free budgeting challenge focuses less on number crunching and more on reframing your mindset so you can reach your financial goals sooner.

Need help setting financial goals? Check out Episode 21 where we explore how setting better financial goals can lead to financial success.


This episode of The Thought Card is sponsored by my Back to Budgeting Basics course. In this self-paced online course we debunk the myths that budgeting is “hard” and I help you quickly create a personalized goal-centric budget that aligns with your priorities and values.

A budget is a powerful wealth building tool which helps you reach your financial goals. So if you tried budgeting in the past and lost momentum, or have been winging it, and haven’t really seen much progress, this course is designed for you.

If you want to pay off your debt, save some extra money or have the cash on hand to do the things you love, it’s time to take control of your finances and learn how to set yourself up for financial success with this signature budgeting course.

How the Delta SkyMiles Companion Certificate Saves You Money

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If round-trip tickets from New York City to San Francisco cost $317 per person (at the time of booking), how did I manage to only spend $345 for 2 round-trip tickets? I share this buy one, get one free deal and more in today’s episode!

Today we’re going to talk about the Delta SkyMiles companion certificate. If you don’t already know, the Delta SkyMiles Companion Certificate is one of the exclusive perks that come with the Platinum Delta SkyMiles credit card. As a card member, you automatically get a companion certificate every year you renew your credit card and pay the annual fee of $195.

To some this might sound steep but hear me out.

I love the Platinum Delta SkyMiles credit card because the companion certificate allows you to buy one round-trip main cabin ticket and get another round-trip main cabin ticket for free. You’re only responsible for paying the taxes and fees on the freebie.

 

Why is the companion certificate so beneficial?

Although the upfront cost is $195, the Delta SkyMiles companion certificate works great if you want to book a round-trip flight with your significant other, family or friend that costs more than the credit card’s annual fee.

Since most round-trip flights within the U.S. generally costs more than $195, you’ll reap the benefits right off the back by redeeming your companion certificate.

Remember the goal here is to offset the credit card fee so use the companion certificate on flights which cost more than $195.

 

How to find your Delta SkyMiles companion certificate:

Step 1: Log In to Delta.com with your Delta SkyMiles information.

Step 2: Navigate to “SkyMiles” → “Manage Your Account”.

Step 3: Next go to “My Delta” → “My Wallet”.

Step 4: Inside “My Wallet” click on “Credits and Certificates”.

Step 5: Select your certificate and go on to booking your flights.

 

Important things to remember:

  • The companion certificate can only be used on domestic flights within the contiguous 48 states. That means if you’re based in the states, no round-trip flights to Alaska, Hawaii, USVI or Puerto Rico.
  • The round-trip companion certificate has to be used on domestic main cabin or business class fares.
  • Both your ticket and your companion tickets has to be booked on the same flight.
  • You have to pay for taxes and fees of no more than $75 for domestic round-trip flights.
  • If you cancel your itinerary, you can’t reuse your companion certificate.
  • You must book and fly by the date listed on your certificate.
  • Can’t accrue miles from your companion certificate.
  • Can only claim this through delta.com.
  • You have to pay for these tickets with your Platinum Delta SkyMiles credit card.

 

Platinum Delta SkyMiles credit card perks:

  • First checked bag free on Delta flights.
  • Access to priority boarding.
  • No foreign transaction fees.
  • 2x Miles on Delta purchases like flights booked on Delta.com, seat upgrades and in-flight purchases. 
  •  

If you’re interested in the Platinum Delta SkyMiles credit card sign up and get 60,000 SkyMiles (equivalent to a round-trip flight to Europe) after spending $2,000 in 3 months. This is a limited time offer.

Not sure when to book the cheapest flights, check out Episode 5 where we chat about the latest airfare trends and the best times to book a flight deal.

 

What’s your favorite thing about earning and redeeming points and miles?


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The Thought Card Podcast Episode 2: Why You Need A Travel Fund
Do you save for your travel expenses separately?

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Travel doesn’t have to be expensive but it does cost money. If you want to start traveling but know that in order to do so you need to make tweaks to your budget then the first thing that I recommend doing is starting a travel fund.

 

In this episode we cover:

  • What is a travel fund?
  • Why is a travel fund important?
  • How to get started with a travel fund?
  • Where to stash your travel savings?

 

What is a travel fund?

A travel fund is a powerful tool that you can use to help you save money for travel.

A travel fund is a dedicated bank account (checking, savings or money market) devoted to your travel savings and expenses. With a travel fund you’re intentionally saving money for travel and when it comes time to spend, you have a stash to pull from.

The point of a travel fund is to have money available for travel when you need it.

 

Why is a travel fund important?

A travel fund is important because it’s so much easier to save money for travel when it has its own home – a dedicated bank account separate from everything else.

 

#1 It’s a lot easier when you keep things separate.

When you commingle funds you are less likely to achieve your goals. Even with the best intentions, it’s easy to overspend when all of your money is jumbled together in one bank account.

So if you ever have to pay for a flight or want to go on a spontaneous weekend getaway, you can tap into the funds you set aside specifically for travel expenses like flights, lodging, attractions and more.

 

#2 Avoids overspending.

A travel fund can also help you avoid getting into debt and paying high balances on your credit card. At a glance you can check your balance and know exactly how much you have available to spend on travel.

 

#3 Keeps you grounded.

A travel fund can keep your wanderlust in check and brings clarity to your finances.

 


Join the FREE Travel Fund Workshop

How To Start A Travel Fund and Not Stress About Upcoming Trips

 


 

Treat travel like a recurring bill.

How important is travel to you?

If travel is important then consider treating it like a recurring bill. As a recurring bill you’ll set money aside for it every single month. Put travel right up their with your car insurance, rent and gym membership.

Make travel a financial priority in your life by including it as a line item in your monthly budget.

If you treat travel like a recurring bill you can potentially save hundreds or maybe thousands of dollars by the end of the year. It all depends on how aggressively you want to save for it.

 

How to implement?

To do this, I recommend setting up a direct deposit with your employer. This way your money will get directly deposited into your travel bank account every time you get paid.

 

Helpful Tip: Don’t wait for the day after or even the week after to make this transaction, do it when you get paid.

The set up process is easy.

 

Here’s how to set up your travel fund:

  1. Figure out how much you want to save towards travel every pay period.
  2. Set up direct deposit with your employer.
  3. Go about your life – set it, forget it and watch it grow!

Now if you want to schedule additional automatic transfers after you get paid to accelerate reaching your travel goals, by all means go for it! I believe in you!

 

See you next time for Episode 3 where we chat with Richelle Gamlam about teaching English in China!

New to the podcast? Learn what The Thought Card is all about by listening to Episode 1.

 

Do you have a travel fund? Why or why not?

 


 

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Don’t forget new episodes drop every other Thursday.

 

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