Why 5 Bank Accounts Are Better Than 1

from MyBankingWay.com
http://www.bankingmyway.com/article/why-5-bank-accounts-are-better-1

If you are trying to budget effectively, here is an interesting bit of advice. It makes a lot of intuitive sense. I may even try this in our household. If Yeongmi approves, of course.

Highlights:

Meanwhile, separating your wants from your savings goals will help you achieve those goals faster. "If the two accounts are mingled, it's much easier to spend your money on the wrong things," says Ray. If they’re kept separate, you'll have to stop and think about whether that impulsive splurge will delay your vacation plans.

Managing several different accounts might seem like a lot of work, but most of the extra effort is at the beginning, when you’re setting up the accounts. After that, it's mostly a question of monitoring balances to avoid overdrafts, and keeping your overall budget on track.