Do you want your bank account to become your personal assistant? Imagine if your bank accounts did your budgeting for you—sounds amazing, right? Today, we’re diving into a revolutionary approach to managing your money that goes beyond the traditional one checking and one savings account setup. This method can make budgeting and managing your money so easy. Let’s break down exactly what accounts you need to open at your bank to make all of this happen.

Spoiler Alert: yes, you can have more than one checking account. Gone are the days when you’re limited to the accounts mom and dad helped you open. This is the 21st century, and we’re showing you a new, better way to adult with your money. You can have as many accounts as you want; the trick is finding a bank that accommodates your needs.

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The Checking Accounts You Need:

1. Bills Account: Convert your existing checking account into a “bills only” account. This is where all your income goes in, and all your bills come out—making it the cornerstone of your budgeting system.
2. Gas and Groceries Account: For your systematic expenses like fuel and food. These are pretty consistent, making it easy to budget for them separately.
3. Spending Accounts: Separate accounts for you and your spouse for personal spending. This ensures that budgeting is a collaborative effort without hiding anything, while also giving each of you the freedom to spend on personal wants without judgment.

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Savings Accounts – The Fun Part:

Your savings accounts are where you can really start to customize based on your goals and needs.

• Emergency Fund: The first savings account you’ll want is for emergencies, ideally in a high-yield savings account or a money market, so it’s making money for you.
• Savings Buckets: For annual bills, holidays, vacations, home maintenance, pet expenses, medical and more. These are separate savings accounts designated for specific purposes, helping you budget for larger, infrequent expenses throughout the year.

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Best Practices:

• Name Your Accounts: This makes it more personal and fun. Naming accounts, like your emergency fund or savings buckets, can help you stay organized and motivated.
• Automatic Transfers: Set up automatic transfers to each of your accounts every paycheck. This makes your budgeting process as hands-off as possible.
• Choose the Right Bank: Find a bank that allows you to open multiple accounts with ease and has a user-friendly mobile app for managing your finances on the go.

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By adopting this method, managing your finances becomes less of a chore and more of a straightforward, even enjoyable process. You’re essentially assigning a job to every dollar, which not only helps in keeping things organized but also in achieving your financial goals more effectively. Remember, the key is customization to fit your lifestyle and needs. So, are you ready to transform your bank accounts into your personal financial assistants? Let’s make budgeting easy and fun!

Homework for Readers:

• Audit Your Current Banking Setup: Take a closer look at your existing bank accounts. Do you have just one checking and one savings account? Consider how dividing your finances into more specific accounts could benefit your budgeting process.
• Research and Choose a Bank: If your current bank doesn’t support opening multiple accounts easily or lacks user-friendly mobile banking, research banks or credit unions that are more aligned with your financial strategy. Look for institutions with low fees, high-interest savings options, and excellent customer service.
• Set Up Your New Accounts: Based on the guidelines from the post, set up a minimum of three checking accounts (Bills, Gas & Groceries, Personal Spending) and start thinking about what savings buckets (Emergency Fund, Holidays, Travel, etc.) are relevant to your life. Open these accounts with your chosen bank.
• Name Your Accounts: Get creative and name your accounts based on their purpose. This will not only help you stay organized but also make managing your money a more engaging and enjoyable process.
• Automate Your Finances: Set up automatic transfers to your new accounts each paycheck. This could be for your bills, savings goals, or even weekly spending money. The idea is to make the process as hands-off and stress-free as possible.
• Reflect and Adjust After Three Months: Spend a few months getting used to your new system. Then, take some time to reflect on what’s working and what’s not. Are there accounts you’re not using? Are there additional categories you need to create? Adjust as necessary to ensure your banking setup is perfectly tailored to your needs.

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Final Note:

Taking these steps can help transform your approach to managing money, making your finances easier to handle and more aligned with your personal and family goals. Remember, the goal is not just to create multiple accounts but to use them as tools to achieve financial clarity and success.

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We are excited to create the time & space to talk to you about your current money situation. This is a free, no-obligation call where we can answer questions you may have and maybe find some quick wins for your budget.

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