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how many accounts do people have?

August 27th, 2018 at 08:48 pm

I was just wondering what the average number of accounts people have, I know it varies with different countries but just curious.

we currently have 6 all with its own purpose

daily account - where all our money goes into

splurge (x2) - this is where we have our own spending money on things we want or need..its a set amount each month.

annual account - this is where we put money each month for our annual bills that come in every 3, 3 or 12 months (insurances, car rego,etc, we also add things like car tyres in so we can replace every couple years etc, we have just updated a lot of our big household items such as fridges/freezers/dryer etc so know they won't need updating for at least 5 years so we decide how much we need to save each month over the next 5 years and add that in as well)

ice account - (in case of emergency) this is our money to fall back on when something happens so we don't need the CC usually sits at $2000

savings - this is where we put our savings (right now it is savings for a house)

So do others do similar things? just curious this works for us and we use a cash budget as well...but I know a lot of different ways to do things so open to suggestions.

5 Responses to “how many accounts do people have?”

  1. CB in the City Says:

    Are these all different actual bank accounts? I have a checking account and a savings account at BOA. The checking is for daily expenses and the savings is for big ticket items -- right now it is there to help me through a low-income year. Then I have a savings account at a credit union, which I use to transfer my mortgage payment every month, which is held at the same institution. That's it. I did have a checking and savings account at Chase until recently, but I only opened that to get a $500 bonus.

  2. ceejay74 Says:

    Do you mean just checking and savings? We have five: A linked checking and savings account in the UK to handle income and expenses related to our rental there. A linked checking and savings account in the US that's our main checking account (I don't really use the savings account but it was part of the package). And then a savings account at a different institution which is where we keep our savings. If we're going to be spending money soon, I keep it in checking, but if it's longer term savings, I send it to that savings account.

  3. mumof2 Says:

    Yes these are all different bank accounts but the same bank, all with ing (a lot less in fees) they all have a purpose and it doesn't cost us, check account rarely exist in Australia now as any check including govt take at least 3 day to clear...most don't want to wait so most do electronic banking for everything. We don't get bonuses over here for opening up accounts either...funny how banks are so different in different countries...Australia it is hard to get credit for anything these days..

  4. Jenn Says:

    Having multiple accounts has been a game-changer. I'm actually surprised at how much more effective it is for us.

    We have a checking for everyday spending, with a linked savings for the buffer. These accounts are also linked to my kids' checking and short-term savings accounts so their allowances are 'direct deposited'. Then another checking at a different bank for the more important constant expenses like mortgage payments, IRA payments, and college tuition. It's linked to a savings that serves as our first EF for things like a household appliance failure or another household emergency. Those accounts are linked to our kids' long-term savings accounts, where deposits are matched (like a 401k), but they can't touch the money until age 18. Then finally we have an online savings with Ally Bank for our larger EF. It earns a more competitive interest rate.

  5. rob62521 Says:

    We have, at last count...8 not counting our investment accounts. I guess that would count as 2 more. We move money around,e specially in money markets depending on interest rates. We also have a savings account we use to do home improvement, a Christmas Club, a vacation Club.

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