Why I keep multiple accounts
My brother and I argue about this all the time. He keeps all his savings in one savings account, and tracks his different savings goals (vacation, christmas, new home, etc) through quicken. I on the other hand like to keep multiple accounts, one for each saving's goal.
I guess there's nothing wrong with doing it either way, to each his own. But considering having multiple accounts is free and easy, as well as exclusive from one another, I think it holds a definite advantage.
I set up multiple savings accounts with Ingdirect. One login allows you to open multiple savings, CD, and mutual find accounts. As of now, I have 6 savings accounts all with different savings goals. Each one can automatically take a certain amount from my checking account each month.
This keeps the money totally separate. I know I won't accidentally spend my car repair money on a vacation.
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