Am I getting out of control with my bank accounts?

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Question by Don’t shop, ADOPT!: Am I getting out of control with my bank accounts?
I feel compelled to subdivide my money. I don’t just have a checking and money market.

I have my Checking-Leisure account. I have my Checking-Household Expense account. I have my Savings – Vacation account. I have my Savings – Emergency account. I have my Money Market – General account.

Best answer:

Answer by John
yes

What do you think? Answer below!

What is success or failure, really? Id argue that both are simply the inevitable result of a series of activities. One set of activities moves you toward ach…

Comments

  1. That really depends upon how much money you have in each account. If it’s just a few k, then yes. But on the other hand, you should never have more than $ 250k with any one bank, even if it is in multiple accounts, because that’s all the FDIC insurance will cover.

    So it depends.

  2. Can we say obsessive compulsive.

    Yes your way out of control.

  3. Yes and No.
    You seem like some one who is well organized and planning for future. Though it might consume some of your time, as long as you are not being charged any fee for these accounts and you are able to keep track of these accounts – you are absolutely fine. Especially since they all are for separate purposes.

    However, there’s a provision in ING direct saving account where you subdivide your savings account into multiple accounts internally and name them accordingly (Mortgage, Emergency, Vacation, Leisure, Household Expense, etc.) And you can automate the account so that every month or every week certain amount is transferred internally into those accounts. And this way you are saving your time automating it and it’s easy to maintain and track everything in just one single webpage glance.

    Good Luck with your future …

  4. Actually, no. Read T. Harv Eker’s book, “Secrets of the Millionaire Mind.” Harv illustrates a very simple money-management method that uses “jars”. While some folks literally have to start with jars, the idea is to actually have a bank account for each “jar”. You are on that track. In fact, I’d suggest you read the book to ensure you’re using the right proportions when allocating to each of those accounts!

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