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How to separate your bank accounts for budgeting in 2022

    How to separate your bank accounts for budgeting

    How to separate your bank accounts for budgeting; The New Year brings with it new resolutions and budgeting, especially, is one of the most common resolutions among people of all demographics and backgrounds.

    Whether you’re trying to save up for that dream vacation or want to be able to afford other luxuries in life, you’ll find that budgeting will be key to achieving your financial goals in 2022.

    If you’re not sure how to effectively separate your bank accounts yet, we can help! Here are some tips on how to separate your bank accounts for budgeting in 2022.

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    Why and how to separate your financial accounts

    Separating your financial accounts can help you more easily stay on top of your spending and budget for the year. It can also help you keep track of different types of expenses, like business and personal expenses. Here’s how to get started

    1) Create a new account or set up a sub-account for any type of expense that you want to keep separate from other money. For example, if you’re saving money for a vacation this summer, create an account just for that purpose. If it’s just a general savings account or retirement fund, open it as a sub-account under one of your existing accounts.

    2) Create a new account to keep track of spending related to business costs. For example, if you own a business, keep all your business income and expenses in one account, so you can easily categorize them and track them from year to year. That way, at tax time, you have all the information on hand that you need for filing.

    3) Create a new account if you want a place where you can park savings that are separate from other money. For example, if you’re saving up for a vacation but know you’ll need cash for living expenses next month, keep your savings in one place so you can have them when you need them.

    4) Keep business and personal expenses separated. Create an account or set up a sub-account specifically for business spending. In some cases, it’s easier to save your receipts with business purchases until you’re ready to categorize them. That way, you’ll always have them on hand if you need them.

    5) Separate checking and savings. If you use online banking, consider setting up a separate checking account just for deposits and transfers. That way, if you make an error on a deposit (like one from your paycheck), it’ll be easier to track down.

    What you should know about individual vs joint savings accounts

    If you’re married or in a long-term relationship, you may be wondering if you should keep your money in separate savings accounts or combine everything into one joint account. Here’s what you should know about the pros and cons of each option.

    Keeping individual accounts can help save you from arguments over spending habits, as well as giving each person autonomy over their own finances.

    The downside is that you will have to rely on your partner being responsible for managing that personal money so it doesn’t go through his or her account.

    On the other hand, having just one joint account could make it easier to manage bills together, but also has the downside of more potential financial stress when things get tight at home.


    In conclusion, separating all of your different money into different savings accounts is a great way to plan ahead and stay on top of your finances. Keeping a budget with categories will help you save more money and make wiser financial decisions. With all the new technology out there, you can find apps that help you stay organized as well as keep track of all your income and expenses.

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