Why We Have So Many Savings Accounts (& why you should too!)

For my husband and I, saving is a huge priority.  We’re in our early 20’s, own a home, and have a family already. There’s a lot that we need to be saving for. We have a strong budget set, and plenty of savings goals that we’re working toward.

Oh, and we’re doing it all on one income.

Some of our financial goals are to:

  • Pay off Husband’s student loans
  • Pay off Husband’s car loan
  • Save for Daughter’s college fund
  • Save for a couples trip/late honeymoon
  • Pay off mortgage early

How do we manage that all on one income?

The key to successfully saving toward lots of different goals at once is having clear, written out savings goals. And committing to them.

Did you use SMART goals in high school? If you did, congrats! That incredibly annoying task is coming back to haunt you in your adult life. Yay! If you didn’t (or you didnt pay attention in AP English like me – bad Kayla!) here’s a refresher course:

*puts on teacher hat*


What is a SMART Goal?

SMART Goals Graphic Kayla Haas

Sorry for giving you flashbacks to high school English class. But stick with me!

When you know exactly what you want to do, how you’re going to do it, and when you expect to have the task done by, it’s MUCH more difficult to blow off your plans. Committing to your savings = actually saving!

For example, our “save for couples trip” goal looks more like this:

Save $2,000 for couples trip/late honeymoon by September 2020.
Specific (late honeymoon trip), measurable  ($2,000), attainable (check!), realistic (notice I didn’t say it’d be saved by this December) and time bound (09/01/2020).

We know how much we want to save, and when we want to have it by. The goal was made in September of this year (2018) which gives us 24 months to complete it. That breaks down to $83.30/month, or just under $20 from each paycheck.

Keeping this goal in mind, how are we making sure we’re executing it? Enter the title: 


Multiple Savings Accounts!

We have SEPARATE savings accounts for all of our savings goals. We also have separate savings accounts for different categories of our budget.

Why do we need multiple though?

So we can easily track/see our progress for each goal!

I can open up our bank’s app, and look right at the dedicated savings account to see the balance. This is much easier than balancing finances with only one savings account.

It makes transferring money from each paycheck easier, too! Tyler gets paid on Thursdays. So, on Thursday, I open the app and transfer the pre-determined amount for each account. It takes two minutes and I’m done. This helps with communication, too. Tyler can verify all the transfers I’ve made, so he’s also involved in our budget. This stops the weekly “did you put money aside for bills?” question.

This works so well with our zero based budget.  With a zero based budget, every dollar has a place to go. In our budget, those “places” are separate accounts

Related posts:


There’s a “Bills” account that our mortgage, gas & electric bill, internet, phone, car insurance, etc come out of. All of the money for those bills go there. We’re a month ahead on our bills, which means it doesn’t matter what week we put the money into the account. The money for this month’s bills was put in the “Bills” account last month. We no longer live paycheck to paycheck. Read my post on how we live on one income (linked above!) to see how you can, too!

We have a “Family” account that money for groceries and baby stuff goes into. This is how we manage to do one huge grocery shop at the beginning of the month! I stock up on diapers and baby wipes as needed with money from this account. We also budget to save money in  this account for things like gifts, too.

This keeps our “emergency fund” separate from all other savings goals. With having multiple savings accounts we can clearly see where we’re at, and how much money we have for all of the things we’re saving for.

Before we had multiple savings accounts & functioned between just one checking account and one savings account, our savings never seemed to get above a certain point. I think we were so used to having X amount of money that when we had it, we felt like we could spend any extra beyond it. It was all psychological. Physically splitting up the money and giving all of our money a place to go makes it completely effortless to save.  

Our credit union allows you to have several savings accounts for no additional fees. I’m honestly not sure how many is the maximum, but we haven’t hit it yet! Maybe one day they’ll tell us we’ve gotta stop adding new accounts. Check your bank or credit unions website out to see if you can start opening extra savings accounts up and splitting your money up too!

Would you be interested in seeing a real-life peek at our *actual* household budget?

If you’d find it helpful to see an actual real family’s budget, with REAL numbers, let me know! Leave a comment below!

Click/tap the image below to save to your Pinterest board!

How to save money with extra savings accounts. Add extra savings accounts into your budget to save more every month! Boost savings for a house down payment, for a car, increase savings for retirement by splitting your money into different accounts. Best budget tip!
Why We Have Multiple Savings Accounts | Kayla Haas


  1. October 25, 2018 / 7:38 am

    What a great idea! I have heard of SMART goals before and have used this technique for other things, but never applied it to money! That is great!

    • kaylahaas
      October 25, 2018 / 7:43 am

      It definitely helps with money, too! Thanks for reading, Kelly 🙂

  2. October 25, 2018 / 8:06 am

    I currently have one savings account, but I’ve thought of getting at least one more so I can separate things a bit more…I’d still have money in my checking though. Thanks for sharing. 🙂


  3. candy
    October 25, 2018 / 9:57 am

    If having several savings accounts works for you that is great. We have two actually but we put our money to work for us in IRA that work for us.

  4. October 25, 2018 / 10:47 am

    I think it’s a great idea to have multiple savings accounts for different goals. Thanks for sharing!

  5. October 25, 2018 / 1:35 pm

    We have serval savings accounts for some of the same reasons. We started doing this when we got serious about our budget and paying off debt as well.

  6. October 25, 2018 / 3:20 pm

    This makes a lot of sense! It is so important to have the goals written down and look at them all the time!

  7. October 25, 2018 / 5:38 pm

    Kudos for being so on top of it! Most people years ahead of you don’t even have it together this much. Making your finances a top priority is super smart! Literally. 😁

    • kaylahaas
      October 25, 2018 / 6:42 pm

      Thank you so much Brandi! We have a lot of goals, so we’re on top of all of it!

  8. October 25, 2018 / 9:27 pm

    I am 100% with you here! Having multiple savings accounts is so smart and something I’ve always done too! It makes it so much easier to see how close you are to certain financial goals. Great post 🙂

  9. Sara
    October 25, 2018 / 11:51 pm

    what an awesome idea! Do you know if every bank does this or just certain ones? Thanks for sharing!!

    • kaylahaas
      October 26, 2018 / 8:48 am

      I imagine some banks may charge fees, which I am not about! Most credit unions likely do, though 🙂 We love credit unions!

  10. October 26, 2018 / 6:33 am

    This makes so much sense. How brilliant! Kudos to y’all for being strict with this and getting it done – and then sharing your secrets with us! 😉

  11. October 26, 2018 / 10:04 am

    I used to have multiple savings accounts, but found it too much of a hassle to split up money when having it all in one account at Ally gets me the most interest on it. Instead, I use YNAB to split up savings goals. I like the idea of “sub-savings” accounts, though, like Ramit Sethi talks about in I Will Teach You To Be Rich. They’re more like the bank’s version of YNAB savings categories, just attached to the savings account at the bank. Different strokes for different folks, that’s for sure!

  12. October 26, 2018 / 12:33 pm

    We’ve done a little bit with separate bank accounts for specific projects, but this makes me want to do it more! It would be super helpful to see more parts of your family’s household budget! Your posts have been really helpful for me as we’re working toward a lot of financial goals right now. Thank you!

    • kaylahaas
      October 26, 2018 / 3:51 pm

      We’re in the same boat, Maegan! Our list of goals is a mile long.
      Thank you so much for reading! 🙂

  13. October 28, 2018 / 12:28 pm

    Creating multiple savings accounts is a great idea. I’ve been thinking about doing that for some time now. I feel that it helps you to easily attain your saving goals.

    • kaylahaas
      October 28, 2018 / 12:39 pm

      I really recommend it! We seriously save so much more money now. And it’s much harder to justify borrowing money from an account with our daughter’s name. Its like stealing from a baby!

  14. Bailey
    October 28, 2018 / 7:45 pm

    This is amazing! I love this idea. I feel like it would be really helpful for tracking savings options.

  15. Brandie
    October 31, 2018 / 1:25 am

    I would like to see your budget.

    • kaylahaas
      October 31, 2018 / 8:42 am

      I’m working on a post going into detail right now, actually! I’m excited to hear that you’re interested!

  16. November 26, 2018 / 9:26 am

    I’m a huge fan of multiple accounts! I have been saving for my kids’ cars since they were born, just a little at a time. It helps us live within our means so much more easily and when the big ticket items come up, we’re prepared. Also…LOVE your SMART goals. I use SMART goals all of the time;-)

  17. November 26, 2018 / 10:00 am

    Such a great idea to have separate accounts for everything. it is super difficult to track everything when all savings is lumped together into one account. The only hard thing is finding an account that doesn’t have a minimum balance requirement.

  18. November 26, 2018 / 12:23 pm

    This is great advice! We also use several savings accounts to help us manage our savings. You are so right that it’s psychological. We had a similar situation as you…when we switched from one savings account to multiple we felt like we were achieving our financial goals more and it was much easier to see our progress!

  19. November 26, 2018 / 2:55 pm

    I think sharing your budget would help so many people get a visual on budgeting! So awesome you’d be willing to share! Would love to see it.

  20. November 27, 2018 / 1:57 am

    this makes TOTAL sense to me, and thats also how we do all of our savings

  21. Deanna
    December 30, 2018 / 11:49 pm

    I’m interested in the details too.

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