Saving money can feel difficult, especially when everything sits in one account. It’s easy to lose track of what’s for bills, what’s for spending, and what you’re actually saving.
That’s where using multiple accounts can make a big difference. I’ve always had multiple accounts, and it’s really worked for us.
Keeping all your money in one place can make it harder to manage. And it can be risky having all your money in one place if something goes down in the bank and means you can’t access your money.
Using multiple accounts helps you:
It creates structure without needing a complicated system.
A simple starting point is to have three main accounts:
This is where your income comes in and your fixed expenses go out, including rent/ mortgage, utilities, subscriptions. Basically anything that’s a fixed monthly cost.
Keeping bills separate ensures they’re always covered. And it doesn’t matter if the bill comes out on the 1st of the month or the 20th, the money is there.
This is an account you shouldn’t need the card for, and you’ll just check on periodically to make sure nothing looks out of the ordinary.
We have a joint account for our bills and it works so well for us.
This is your day-to-day money for food, socialising, shopping etc. Once this money is gone, you know you’ve reached your limit for the month.
Me and Luke both have Monzo accounts for your spending accounts as we love the easily functionality.
This is where you move money regularly for future goals. Even better if you can have multiple pots or savings within one account.
Separating savings reduces the temptation to dip into it.
Some of our savings go into pots within our Monzo spending account, but we also have a Monzo joint account with additional savings pots and it’s where our weekly food money goes.
If you want to go further, you can create separate savings pots for things like your emergency fund, big purchases etc. But having a pot within your savings account might be enough.
We have our emergency fund in capital bonds so that’s hidden away with no temptation to spend.
And we also have a separate junior bank account for Scarlett’s money to go into.
The key to making this system work is automation.
Set up transfers so that bills are covered automatically, savings are moved as soon as you’re paid and spending money is clearly defined.
This removes the need to make constant decisions.
A multiple account system can transform how you manage your money. But you don’t need lots of accounts to make this work. Start small and only add more if it genuinely helps.
The goal is to make managing your money easier — not more complicated.
I’m bad at saving and this is the post I needed to see! I don’t have multiple accounts, but this post has helped me to know how to build a savings system!
Lucy | http://www.lucymary.co.uk
I love the idea of having separate accounts dedicated to specific goals. This is a very smart idea and makes everything a lot more organized.
This is a great idea. Having multiple accounts makes it so easy to actually see where your money is going and when you have to make changes.
I have two savings accounts. One where I transfer a set amount each month and the other top-ups to the nearest pound on my spending – so I don’t really notice it. Every bit helps.
Ooh! I like this idea. I only have one account, and it stresses me out when the bank have their maintenance.
My brain always goes into overdrive when I see maintenance on a banks app/ website x
Yes, I do this too! I actually have multiple accounts because it makes it easier for me to keep track of where my money is going and control my spending. I also have a savings account that I treat as a strict no-withdrawal account. If I can’t easily access it, I’m less tempted to touch it!
I use the pot feature in monzo to seperate my money, but having multiple accounts sounds useful as well. It’s a good way to avoid temptation to spend as well.