Banking 101
Too many Bank Accounts? This trick helped me
I discovered a simple trick that made banking smoother.
Key insights
Having multiple Bank Accounts calls for better financial management.
Consolidation and automation saved time, reduced stress, and improved visibility.
A clear purpose assists to manage online accounts.
A few months ago, I had five active Bank Accounts and zero structure. One for salary, two from past jobs, one opened during a credit card signup, and another I barely used.
I thought more accounts meant more control, but it only led to confusion. I was constantly checking balances, missing debits, and losing track of where my money actually was.
At one point, my rent got delayed because I transferred money from the wrong account. A Mutual Fund SIP bounced because I forgot that I had shifted it from one account to another. I was constantly checking balances across different apps, and still missing key payments.
If you are in the same boat, you're not alone. Here is how I started managing multiple online accounts.
Moving from the chaos: Here’s how I got back on track
Step one: I closed the accounts I no longer needed
It sounds obvious, but most of us do not act on it. I listed out every account I had, checked how often I used it, and then took a call. Any account I had not used in the last six months or had no active auto-debits got closed.
Old unrequired Salary Accounts were the first to go. I backed up any statements or details I might need, transferred whatever little balance was left, and submitted closure forms. This instantly reduced the mental load.
Step two: I assigned each account a clear role
Instead of trying to do everything from one account, I gave each active one a purpose:
- Salary Account for incoming money
- One account for all bills and EMIs
- One Savings Account for short-term goals and SIPs
Now, when money comes in, I know exactly where it goes and why. This cut down the confusion around auto-debits, rent payments, and monthly transfers.
Managing multiple online accounts became more about routine, less about remembering everything all the time.
Step three: I set up automation between accounts
Manually moving money every month was time-consuming and often delayed. So, I created standing instructions. A fixed amount moves from my Salary Account to my bills account within 24 hours of payday. Another amount goes into my Savings Account for investments.
The moment money lands, it flows into its lanes. This prevents overspending, missed SIPs, and last-minute panic. More importantly, it keeps my Salary Account from being overburdened by every little transaction.
Step four: I stopped linking every new app to my main account
One mistake I used to make was connecting every shopping or delivery app to my primary account. Refunds would come in from random places, orders would auto-debit, and I would have no idea what my real balance was.
Now, I use a prepaid wallet or one secondary account for these spends. That way, even if the balance drops or something fails, it does not affect my core banking needs.
Step five: I do a monthly review
On the first weekend of every month, I sit down for ten minutes and go through my accounts. I check for:
- Any unusual charges or auto-debits
- Whether balances match expected levels
- Any missed transfers or failed payments
It is quick and keeps everything on track. It also makes me feel in control without needing complex spreadsheets or tools.