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Should I have 2 checking accounts?
  • larabb21
    I would like to know the do's and don’ts of having more than one checking account? Any help or thoughts?
    I recently am starting to budget and I am having some difficulties. I have 2 checking accounts right now, one for "fun" money and one for bills etc.. but it seems as though I am not saving anything. I see my fun money balance and spend it all. any suggestions?
  • johnson_mom
    I would set up auto transfers into a savings account.....if you're not sure if you can do it, try small with $25 a week and get bigger when you feel comfortable. I used to have 2 checking accounts and I could never keep up with them. I now have a "hidden" checking account in ING Direct where it is out of sight so I put most of my money in there and use my "main" account for fun. ING also has interest on it so it is also kind of like a savings account and I don't see it so I don't spend it.
  • stephasana
    In my experience, having two checking accounts has been great. I have one for bills and one for fun money, but I also have money direct deposited into a savings account. That way I can spen all my fun money without feeling guilty. Starting with a small amount is a good idea, and increase as you can. I have a strict "do not touch savings" policy unless it's for an unforseen emergency that I can't cover without dipping into it. If you don't touch it, you'll be surprised how quickly it adds up.
  • mjspencer515
    these comments have been interesting to read because I tried to have two checking accounts and one account was once hit with a fee for not having a direct deposit/min. amont of money?

  • larabb21
    I was just hit with that fee as well. I looked into it and as long as you keep a certain balance in the account, I won't be hit with the fee. I am just trying to keep an eye on my balances which has proven to be difficult lately. Which is why I asked the question. I think I may need to start with small deposits into my second account and keep my regular checking as the base for everything.
    Thanks for all your great feedback!

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