![]() Regular automatic transfers to your savings account will add up over time. Some people also use this account for their mortgage or rent payments, or they may add another account for those items to the mix. ![]() A good approach is to work out what your bills add up to over the year, then divide that amount into a monthly or fortnightly figure so you’re placing a set amount in your account each time. Some people choose to put in a set monthly amount, but you could also transfer the funds from your central account on a weekly or fortnightly basis if you prefer to pace your spending.Ī bills account lets you capture all your regular direct debits in the one spot, including utility payments, Netflix, health insurance and so on. From here, you can transfer funds into your other bank accounts.Īs the name suggests, this is an account for everyday expenses, such as groceries, petrol or public transport, and entertainment. Here are some of the more popular ways to structure your bank accounts:Ī central account acts as a repository for all your sources of income, including wages, bonuses and any extra income, such as side hustles or tax refunds. Automating regular transfers between your bank accounts can also give you better control over your finances and minimises the potential for forgotten payments - which, in turn, can reduce your stress and increase your wellbeing. Your bank account structure should establish a savings pattern to help you achieve your financial and lifestyle goals. That’s absolutely fine - this will be a process of tinkering and adjusting to get to a structure and approach that works for you. You may find that you’ve missed a few sneaky direct debits, so you’ve got less money than you expected, or that having multiple savings accounts really doesn’t suit your financial style. For more on budgets, see Find Your Budgeting Style.Īs with any form of budgeting, you may find after a few months that you need to adjust what you’re doing. Begin with the big payments you need to make, such as mortgage repayments or rent - working out the major essential expenses first will let you know how much money you have left in your budget to spread into your other accounts. ![]() Next, start to allocate your income to each account. How much do you earn on a monthly or fortnightly basis? What are your regular expenses? And what are you saving for? Is it a shorter-term goal, such as a new laptop, or something bigger, like a home deposit? This will help you to understand how many, and what type, of accounts you will need. To begin, start by reviewing your current account structure, income and financial goals. The most successful structures are usually a mix of everyday spending, and short and long-term savings accounts, but to set yourself up for success you need to establish a system that works for you. If you’re keen to get on top of your finances, getting the right bank account structure -based on the typical areas in which you spend or save - is one of the smartest places to start.īest of all, you don’t need a financial guru to help you out - you simply need to take a good look at how you’re spending your money and think about what your financial goals are. ![]()
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