How Many Bank Accounts Should I Have?

Meera: Hey! You on this way? Quite a surprise.

Aditi: Haha very funny, I came here to open a bank account.

Meera: You already have 2 bank accounts, how much money are you earning these days 🤔 that, you require these many bank accounts?

Aditi: Oh God, Meera😂 I am opening this account specifically for my savings and investments.

Meera: Oh really? I have only one through which I spend and make savings & investments as well. How many accounts we should have?

Aditi: Read this blog you’ll understand!

Managing money can often feel like a juggling act, especially when you’re balancing work, personal expenses, and future savings & investments. While it might seem easier to keep all your finances in one account, tracking your earnings, spending, and savings can quickly become overwhelming. That’s why it’s essential to diversify and organize your finances using the must-have bank accounts. These accounts will help you streamline managing your money. We often get questions like how many bank accounts should I have or how many bank accounts should a single person have ? So, to answer these questions read the below blog.

The Bank Accounts Every Woman Must Have

1. Earn Account: This is your primary bank account where all your earnings or income comes in. Whether you have a salary from your job, income from your business, or any other sources of money, this is the account that will hold it all. By keeping all your income in one place, you have a clear view of what you’re earning every month. This account is purely for collecting your earnings, and making it easier to budget and plan your finances.

2. The Spend Account: The second account is specifically for your spending. Be it your essential spending like household expenses or leisure spending like going to movies, shopping, etc. This account can be divided into two parts if you’re married or managing shared expenses with your partner:

• Self Account: This is your personal spending account. Use this for things that bring you happiness—whether it’s treating yourself to new clothes, cosmetics/makeup, a new phone, or a much-needed vacation. This way, you are treating yourself along with properly managing all other expenses along with savings and investing.
• Joint Account: If you’re sharing expenses with a partner, then you both can contribute towards household expenses wifi/mobile/electricity bills, groceries, school fees, and other joint expenditures. By keeping shared expenses separate, you’ll avoid confusion and ensure that both you and your partner contribute fairly.

3. The ME Account: The third and most important account is your ME account. This is where you’ll keep and link your savings and investments. Think of this account as your future fund. By linking this account to your savings and investment plans, you’re making sure that your money is growing and helping you fulfill your life goals. It’s important to pay yourself first by regularly transferring money into this account before spending on anything else. This account helps you build a financial cushion for emergencies and work towards your long-term goals.

In order to grow and build wealth for yourself you need to invest. You can check out LXME’s goal & time based portfolios which are well-researched, diversified and curated by experts.

You can also keep your earned money in at least 2 different bank accounts, this way your bank accounts are also diversified and if something happens to one bank account then you have another one. Make sure you don’t have a lot of bank accounts as it becomes difficult to manage them. These are the answers to the questions like how many bank accounts should I have or how many bank accounts should a single person have ?

In today’s fast-paced world, having a clear money management path is very important. By setting up these three essential bank accounts, you’re taking a big step towards financial empowerment & independence. Not only will you feel more in control, but you’ll also be setting yourself up for future success. Remember, it’s not about how much you earn, but how well you manage what you have. So, segregate your bank accounts this way today and watch your money work for you!

FAQs