How Many Bank Accounts Should I Have?

Aligning your bank accounts with your goals

The best way to organize your bank accounts is to give each account a job that’s tied to your financial goals.

Typically and for the majority of people, your paycheck comes into your checking account. From there, it can serve several different purposes such as paying rent, groceries, gas, car payment, etc. In addition to having a checking account, some people might also have a savings account for all their savings goals. And while this setup of one checking account and one savings account is OK, it may not be optimal depending on your objectives.