Having different accounts is a great way to save money. I don’t just mean you and your partner having separate accounts, although this is important. Separate accounts is great for your different saving goals. You may not even need an actual bank account, but a small piggy bank in the house for some of your savings needs.
Separate accounts helps you to keep track of the amount you have saved for each individual need. You may have a short term goal for your upcoming holiday, but two long term goals of a house and retirement. Putting them all together could lead to you overspending on your holiday and never quite having enough for the future. You lose track of how much you really have.
When you have the separate accounts for each item you’re saving for, you can track exactly how much you have saved up and how far you have to go.
We have two savings accounts attached to the bank, for the long term goals. While there isn’t much in them right now (because we’re focusing on debts first), we have them there ready for use. There is then separate piggy banks in the house for the different short term goals we have. They’re all labelled clearly for us to know what we’re saving for.
It can seem confusing, but in the long term having the separate accounts really is great for saving money. Considering it for your saving goals, and know exactly where you stand financially.
I'm Alexandria Ingham, and am a work at home mommy and full-time freelance writer. Writing has always been a passion from a young age, but it was only in 2009 that I decided to use it to make money online. Since then, I've managed to make a career out of it and don't regret it.