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What's the best way to organize your bank accounts? |
Is it better to have seperate accounts for different types of spending or just one account so you can see where all your money is? The real issue is not organizing bank accounts, but organizing your spending. Even if you maintain separate bank accounts for different types of spending, you still have put in the same effort to record and track spending as you would if you kept all of your money in one bank account. However, with multiple bank accounts you have more checkbooks to keep track of and more accounts to reconcile every month. You can keep track of multiple types of spending from one bank account by drawing columns in your checkbook for each category of spending. As you make deposits into your checking account, you split the deposits among each of the categories according to your budget. And, you also add the deposit to the regular column in the checkbook. Then, as you write checks, you subtract amounts from the appropriate budget column as well as the regular column in the checkbook. In this way, you know how much you have in your checking account and what budget categories make up your checking account total. My wife and I do have two accounts. One for her and one for me. We split up the bills and spending. We also both have some "miscellaneous" funds to spend as we choose. This works very well for us, and give both of us some freedom to manage money for ourselves. Both accounts are joint accounts. Hope this helps. Whatever you find more convenient. Managing multiple accounts is (to me) a hassle. I'd rather have just one. But if you can get more than one, without heavy fees, and that makes it easier for you, then go for it. 20 years in business It depends on how organized you are. Instead of having several different accounts I just keep a post-it in my check book and keep a total how much of my funds are to go to each item. For example my categories are: Bills Car Payment House Payment Tithes Home repairs Since I can look and see how much I have were...I can see if I can afford to pay more on one thing or another. Hope this helps me personally I like separate accounts for different things. That way for stops the temptation of using the money for unplanned spending. |
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