Don't overcomplicate your money
Most people just need one checking account and one savings account, he said. The money in the checking account should be used for expected monthly costs — think: your rent or mortgage, groceries, and credit-card payments.
"You don't want to keep your extra money in the checking account because it makes it too easy to spend," Lambert said. Even for those living paycheck-to-paycheck, it's important to set up a no-fee savings account to build up an emergency fund as soon as possible, he said., which is a type of high-interest account that limits withdrawals to six times per statement cycle, but may come with a debit card or check-writing capabilities.is another good option.
Beyond the two must-have accounts, Lambert said,"You may utilize a third account if you want to segregate funds for a specific purpose like a down payment on a home or large purchase." Some financial planners who use this strategy call it"bucketing." "By breaking them up into different accounts or buckets, you get to keep better track than if you lump all the money together," Luis Rosa, a financial planner who founded the financial-planning firmOnline banks like Ally make it easy to set up, label, and keep track of multiple accounts. After that, figure out how much you can afford to contribute to each goal and then set up automatic transfers from your paycheck or another, more general savings account, Rosa said.
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