How Many Bank Accounts Should You Really Have?

Most people usually wonder how many bank accounts they
should have. If you are one of them, you do not have to wonder again because
this article offers you information that will help you determine the number of accounts
you need to have. The major factor that determines the accounts you need to have
is your financial circumstances. So how many
accounts should you hold?

One account

If you are the kind of a person who like living a simple
life and you do not make a lot of transactions one account is enough for you.
In addition, if you just want to save some money a single account will work
perfectly for you. Having many accounts will just make it hard for you to
manage all of them.

Two accounts

Two accounts are appropriate if you want to have a saving
account to save some money and a checking account for your expenditures. It is
advisable not to keep your savings in your checking account because it will be
easy for you to spend. Your checking accounts should have enough money to cater
for your bills and other expenses you have. If you have two accounts, your
saving account should also hold your emergency funds.

Multiple accounts

There are different situations that should make you hold
multiple bank accounts. If you operate a business, you definitely need to
separate your personal and business finances. Therefore, you need to have accounts
that cater for your business and the others for your personal financial needs. If
you operate several businesses, you also need to have separate bank accounts
for each of the business. This will allow you to manage your businesses more
easily and be more organized because you do not mix your business finances.

Bottom line

The most important thing for you is to ensure you have the
number of accounts that makes you accountable for your money in the best way