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I’ve experimented with different numbers of checking and savings accounts to see what works best for our household. The number of accounts you have will depend on what works best for you. The number of accounts you have may change as your financial situation changes, too.
My husband and I used to be terrible about saving money for anything. We would have great plans for taking vacations, buying big items for our home, or starting an emergency savings fund, but we were never able to save enough money to make any of our plans happen. One of our problems turned out to be that unless we set money aside in a special account for things like vacations, we would find a way to spend it on something else.
Many banks and credit unions will let you have more than one checking or savings account. If your bank doesn’t allow this, you can set up an account or two at another bank or credit union. We started out with a checking and savings account at one bank, and then opened a savings account at another bank to save for whatever was on our wish list at the time. It was a little more effort to do this, but for us, keeping that money separate from everything else made a difference.
We would deposit whatever we could into the wish list account. Sometimes this wasn’t much, but it was something, and our balance steadily grew. We were less likely to use the money for something else once it was in the account, and seeing the balance grow made us want to keep adding money.
You can open as many accounts as you want, but make sure you don’t make it confusing. My husband and I are much better about saving money and keeping track of it now, so we put everything into one savings account and have a spreadsheet that shows how much money we have set aside for different items.
My suggestion for you:
If having multiple savings accounts will help you save money, open additional accounts at your bank or another bank. This might help you concentrate on saving for something special.
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