I recommend for a couple to have at least 8 bank accounts in order to execute a balanced financial plan that allows the couple to enjoy, save, pay for life expenses and pay down debt. They are two schools when it comes to paying down debt
a) the thrifty method-basically live a low budget life and cut out all wants, in order to pay off all debt (including mortgage debt) in an accelerated pace
b)balanced method- pay debt off at a slower pace that would enable you to still fulfill your wants as well as continue to pay down your debt
We have chosen option b. We are paying our debts off slowly while satisfying our wants and needs. We pay a little over the minimum plus contribute extra to the debt when we make more than what we expected in our pay checks
So we do have 8 bank accounts and this how it is divided
- Two personal (individual) bank accounts for personal needs a) one for me and b) one for my husband
- Joint bank account for our family bills such as rent, food expenses and utilities
- Savings account for long term purchases such as a car or a house
- Savings for clothing allowance and personal care
- Savings account for debt repayment (every July, November and March) we take money from this account to make lump sum payment
- Savings account for vacation and special outing
- Savings for Emergency saving
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