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Separate Bank Accounts

Why Have Multiple Bank Accounts?

It is one thing to manage all these different transactions in one bank account, but unless you are terribly dedicated or a financial super hero, it will get tiresome fast and mistakes will be made. Unfortunately you may find yourself with money unaccounted for.

How To Structure Bank Accounts

Consider using a variety of bank accounts. My wife and I share one transactional joint account for our regular income and another for our combined savings. The main joint account for our combined regular expenses is kept at a defined level to ensure a buffer (falling short of money) and the excess is moved to our savings. All our regular bills, like utilities, are automatically deducted. We periodically transfer to our personal accounts spending money, and only these accounts have debit cards. My spending money is my own money, and hers is hers, thus we have no arguments about how we spend. We automate the transfers where possible using Internet Banking, so it really is very convenient and after setting it up, very little effort.

Separate Bank Accounts

Tailor The Structure To Your Needs

You may wish to think about the accounts you need and experiment over time. I suggest two words of warning, (One) always consult and get mutual agreement with whomever you share expenses with, and (Two) don’t go crazy creating lots of banks accounts as regular fees will apply for each bank account, it will get progressively more difficult to manage, and your mailbox will fill up with account statements.