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Repeat after me: Money flows to me easily.
Yes, you read that headline correctly. If you have less than six bank accounts, you are setting your family up for self-sabotage. My family and I have a total of eight bank accounts and I wouldn’t have it any other way.
Let me guess. Most of you reading this probably have only 2 accounts – a checking and savings account. Some of you might have a third savings account but that’s just about it. First of all, good for you for having a savings account. And even better if you actually have money in that savings account. There are some people who can’t even say that much. However, if you only have the one savings account I think it’s safe to say you are doing money all wrong. The reality is all of life’s expenses and circumstances can’t just fit into two categories so why do we think we can fit them all neatly into just two bank accounts?
I’ve learned that budgeting gets extra tricky when all your money is dumped into the same bank account; especially when the money has different purposes. We always ended up spending money we shouldn’t have because when all the cash flowed into the same checking account it looked like we had more money than we actually had. Continue reading