You may have heard of friends or family having more than one checking account. Why, you ask would people want or need more than one checking account? Well there are many different reasons ranging from dedicated specific accounts for defined expenses to keeping money separate from your spouse in case of a separation/divorce and all things in between.

Are you wondering if multiple accounts are a good idea for you?

Married or Living Together

Most married couples have multiple checking accounts. These accounts usually consist of at least one joint account and either another joint account or two individual accounts for the couple.

In this situation, one joint account is primarily used to write personal checks to pay the mortgage or rent, utility bills and other household expenses like groceries. The other joint account or the two individual accounts is primarily used for more fun things like going to a movie, or an impulsive purchase. The income gets deposited into the joint account used to pay the necessities, and then money is transferred to the other account/accounts for the discretionary spending.

It also a good idea to have some money available and in your name only if you are married and do not bring in a steady income for various reasons.

Singles

If you are single, you may be thinking that one checking and one savings account is all you need. That may very well be the case, but there are still a large number of individuals with multiple checking accounts.

Individuals can reap the benefits of opening a second checking account if they take the time to define the purpose of each account similar to those couples who open multiple accounts. Designate one account for food, gas and paying bills only. The other account would then be your everyday spending account. This way you can keep track of both accounts without worrying if going out on Saturday night will make a rent check bounce.

Regardless of your marital status, maintaining multiple checking accounts can provide you with enhanced control over your spending as long as each account should has its own specific purpose and you abide by the idea behind them.

One thing you must remember is that multiple checking accounts means more accounts to manage and monitor. This could also mean twice the maintenance, inactivity or other fees from the bank should you fall below balance thresholds so be sure to stay on top of your finances to avoid any bumps in the road.