Worried about juggling multiple bank accounts? Start with one account for your biggest financial worry, then add more one at a time. The speaker uses 17-18 accounts, each with a clear purpose so you can see exactly how much money you have for each goal.
I've heard you mention having multiple bank accounts for different things, and it feels like a lot. Am I overcomplicating my life by doing that? How do people actually keep track of all those things? It does sound a lot, and that's scary because when we hear it's overwhelming, we often avoid it. So one of the keys is to start slow and let it grow. With The Money Habit, with Profit First, we generally start off with just one account. With Profit First, for a business, for your personal finances, the financial concern you have most often, the thing you worry or wonder about the most, that's the one account we're going to set up. Full deployment of The Money Habit may have 5, 6, 10— we use over 17, maybe it's 18 now— accounts for our own money management. And it is beautiful and glorious because every time I log into my bank account, I know exactly what money is available exactly for what purpose. I wouldn't start that way because it feels overwhelming. Let's take care of your biggest worry or concern, and then once you have momentum there, try adding another account and then another, and then find the right kind of level of accounts for you. That's how you master money management at the bank level.
