I need advice on Acccounts

[soundmind]

I am thinking about setting up a couple of checking accounts to keep things organized. I have sever anxiety and I like things to be visual and organized. I was thinking about opening an account for gas money to be put into and for grocries money to be put into ( 2 seperate accounts) what ever isn’t spent just gets carried over and it stacks.

I already have my normal checking account where all my checks get deposited into. I also have a checking account for my personal money (wants ect) to be moved too. As well as two savings accounts.

Any one else do this?

How many accounts do you have and what are their purposes?

[JOSH]

Use one main account for bills and paychecks, and a separate account for variable expenses with overdraft protection.

[PEY]

@soundmind

I am thinking about setting up a couple of checking accounts to keep things organized. I have sever anxiety and I like things to be visual and organized. I was thinking about opening an account for gas money to be put into and for grocries money to be put into ( 2 seperate accounts) what ever isn’t spent just gets carried over and it stacks.

I already have my normal checking account where all my checks get deposited into. I also have a checking account for my personal money (wants ect) to be moved too. As well as two savings accounts.

Any one else do this?

How many accounts do you have and what are their purposes?

We use a joint account for income and bills, separate accounts for personal allowances, and joint and individual savings accounts. This setup avoids money arguments for couples when allowances are set fairly

[VILLAH]

@soundmind

I am thinking about setting up a couple of checking accounts to keep things organized. I have sever anxiety and I like things to be visual and organized. I was thinking about opening an account for gas money to be put into and for grocries money to be put into ( 2 seperate accounts) what ever isn’t spent just gets carried over and it stacks.

I already have my normal checking account where all my checks get deposited into. I also have a checking account for my personal money (wants ect) to be moved too. As well as two savings accounts.

Any one else do this?

How many accounts do you have and what are their purposes?

I have basically a single chequing account, and a single savings account
Balances for gas, groceries etc are entries in my budget spreadsheet

With your gas account, what happens if you overspend?
Do you stop driving?
And your grocery account - Do you stop eating?

[Strongwing]

I’ve found it really helpful to have multiple accounts. All of our money gets paid into one account and we leave enough in there to cover the mortgage and bills. The rest is then allocated to various other accounts including Food, Fuel, Spendibg, Saving.

It means that I can safely spend on food etc knowing that we won’t be left short for other areas of spending.

[soundmind]

@Strongwing Do you then have debit cards for each of the accounts? Food fuel and spending? Or just one card and move stuff around?

[Strongwing]

We have debit cards for each account. The fuel account is actually a credit card which is paid in full each month as we know how much to budget for this and it helps keep credit rating up.