This is a really interesting question for me
as it is not one, I have considered before I listened to a recent podcast on this topic. For me, I have had multiple accounts at one time, as many as 7 last year. Yes 7! I am now down to four, each with a purpose, and very content with them…till this recent information I came across and I started thinking.
So, Why 5 Accounts?
The guest on the podcast I mentioned above is Sahirenys Pierce who has a financial blog called The Poised Lifestyle. She created what she calls: The High-5 Banking Method: How to Bank with Purpose. Within this method, she recommends having five accounts: two for checking and three for savings. The two checking include one for bills and the other one to fund your lifestyle. As for the savings, you have one for your emergency funds, one for long-term savings and the last for short-term savings.
After reading her blog article on The High-5 Banking Method, I became very intrigued. Why? Not sure. Maybe it has to do with the fact I love organization, planning and structure. Or that I am working on my MBA in Finance. Pretty sure it has to do with both as it incorporates several aspects of my life and my personality.
Should You Have Multiple Bank Accounts?
I am also intrigued as I do wonder what other people think about having multiple bank accounts. So, I started doing some research and let me say, there are a lot of articles out there on this topic. To sum up what I found, having multiple banking accounts can be beneficial for you if you are good with managing them. This I do agree with. Just like with anything else, keeping things simple and manageable creates less stressors in your life. Having multiple accounts will increase your ability to organize your finances in a more efficient manner; just make sure it does not stress you out.
If you are interested in learning more, I have two links for you to check out which I found informative:
Sahirenys Pierce’s High-5 Banking Method: https://thepoisedlifestyle.com/the-high-5-banking-method/.
This blog I found which covers the pros and cons to having multiple accounts: https://www.moneycrashers.com/multiple-bank-savings-accounts/
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