How many bank accounts should I have? “No. of bank accounts, you should have depends on your own organization preferences.” Many have multiple savings accounts. You might think this is silly, but people don’t. They’ve been doing it for years, and their finances have never been better. In fact, if you’re struggling with your own personal finances, having multiple savings accounts could help you too!
Your goals are better represented with multiple savings accounts.
Your goals are better represented with multiple savings accounts. You can use one account for each goal, and it’s easy to see how close you are to achieving your goals by looking at the balance of each account.
With a single savings account, it’s harder to tell how much money you have saved for each goal.
For example, if you save $100 each month into an “Emergency Fund” category and then another $100 per month into a “Vacation Savings” category, it’s hard to tell how much has been allocated toward which goal – but with two separate accounts, the funds can be separated out easily.
It’s easy to find reasons to spend money in one account.
Let’s say you have $5 in your savings account, and you need to buy gas for your car. You can’t do that with cash if it’s only in one account, but if it’s in multiple accounts, it’ll be harder for you to spend that money on something else.
Money isn’t the only thing that can be divided up this way—you may have a checking account for bills, another checking account for groceries and other everyday expenses (like gas), and a third checking account where you deposit money from selling things on eBay or Etsy.
But even though these types of accounts are all technically “savings,” by keeping them separate from each other and using them for specific purposes, they become more difficult to access than if they were all combined into one general-use savings account. So this makes sense when put into practice!
Multiple savings accounts make it easier to transfer money from one account to the other
You can transfer money from one savings account to another. This is a great way to consolidate balances and make sure your money is working as hard for you as possible.
If you have multiple savings accounts, you can easily transfer money between them by logging into your online banking account and following the simple steps provided by the bank.
It feels good to see money accumulate in your multiple savings accounts
When you have saved a chunk of change, it can be hard not to feel pride in yourself for having done so. You may even treat yourself to something nice! It’s fun to look at the balance on your bank account and think back on how much progress you made towards reaching that amount.
They think the most important thing to remember is that you shouldn’t feel bad if you only have one savings account. If your goal is just to save money, then one account will do just fine! They are a fan of multiple savings accounts because it makes it easier for them to track where their money goes and why it’s going there. But ultimately, whichever method works best for you is what matters most.