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I'm working on straightening out where my direct deposits go and when. I have two checking accounts and two savings accounts -- one set I plan to use for bills/debt payoff and emergency savings, and one set I plan to use for regular spending and short/long term savings goals. That plan seems right, but I've also thought about opening another savings account (or five) to keep everything separate. How many is too many? How many do you have and how do you distribute your funds? 

Grace Schweizer is the social media manager for The Penny Hoarder.

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The number of account you have really depends on how many you feel comfortable managing.

I personally have quite a few but I know people who find it stressful to have more than one or two.

I have multiple accounts for different reasons. Some are just to have places to stash money away so it is out of sight out of mind, and others serve specific purposes. I currently have 6 active savings accounts and 5 checking accounts, a couple of which are joint with my wife.

I find it much easier to separate my money into different accounts for different purposes and this also makes it less likely that I will spend the money thinking I have extra to spare. This to me is worth the headache of having to manage multiple accounts and logins.

This method has worked for me personally and has allowed me to save and invest while at the same time paying down debt.

@BJLEE I would definitely recommend setting up a separate account just for side gigs. Checking would probably make more sense as a lot of times savings accounts have certain restrictions as far as how many transactions you can have etc.

I have been using Chime Mobile Bank for all my side gigs and I really like how simple they are to use.

I have 2 checking and several (6) savings, at a few different banks. Keeping it separate makes it easier for me to save for different things. Emergency fund, longer term save, one for each kid (2), 1 for the car, 1 for misc, then a CD that I don't touch. I get my check direct deposited into three different accounts. Sounds complicated, but it really makes my life easier. 

I have one checking and one savings personally, but my son and I use a Household checking account for all our household expenses. I transfer a specific amount each payday to that account for utility, mortgage and improvement/maintenance costs. My personal stuff, I track on a spreadsheet. I am considering where my "side" income gets deposited because I want to live within my means of my full time job. Keeping all my funds in one account gives me better interest returns on those funds while I figure out on a spreadsheet how those funds are directed. I'm interested to read how others are handling. 

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