Checking Accounts and One for Home Bills, Debt and Investing

Darlene and myself have many different checking accounts from Personal Accounts to Business Accounts. We teach our boys to have separate personal checking accounts if they are married or in a relationship. Also, we suggest they set up one checking account for each of the following; Home Bills, Debt Payments, investing to other accounts if needed.

Darlene and myself don’t need a Debt Payment account since we are debt free but a lot of people may need it. We also don’t need the other ones because our system works for us. A lot of people need those extra accounts to make sure they keep on track.

Some people even set up accounts for large upcoming expenses. For instance, a Wedding Checking Account. Where they each put money into the account for the wedding and then either one can write checks from that account to pay for wedding expenses. Once the money is gone, they are done spending. Hopefully they have been agreeing on what to buy and how much to spend. If not, they could have some pre-marriage fights. LOL

Darlene and myself have known other people that have separate personal checking accounts and one Home Expense account that each person puts money into the account each month. The people we know has been doing if for many, many years and are happy with it.

Other people we have told that we have separate checking accounts think it is wrong and seem offended by us doing it that way. I am sorry they get upset but it works for us and we believe in it. That is why we teach out boys to do the same.

As always, I am not giving you any Financial Advice and you should seek advice from your Professional Advisors to see what is best for your situation. See my Disclaimer at This is for entertainment only.

With having separate personal checking accounts, we each can spend our own money and not worry about getting it approved or feeling guilty buying something. For instance, if Darlene wants to buy a new golf club for $99, she can do it and not feel guilty about it or ask me for the money. She has the money in her account and can spend it on what she wants.

If she wants a new car, she just can go buy one with her money. We still talk about it since that is a large purchase. We go shopping together for the new car but she makes the final decision on the car and price she is willing to pay.

With our home expense account, we each put money in the account each month and we use the money in the account to cover Utilities, Home Insurance, Home Taxes, Items for the House to House Repairs. If the account doesn’t have enough money left in it then we decide if we really want to purchase the home item. If we decide we really want to buy it then we each put half the money into the account to pay for it.

This has worked well for us and others and I know it could work for the boys as long as they have clear communication from the start with their spouse or significant other. I really don’t ever remember us having a fight over money. We don’t always agree on ever purchase but we sit down and discuss anything large and then once we both agree we purchase it.

Nice thing if our boys have a Savings Account that they put money in each month then that can keep our boys on track towards your Financial Freedom goals. We are able to have money automatically deposited it from one account to another account. We use our Brokerage Account for our main Savings Account for our Investments. We have most of that money invested in everything from Dividend Stocks to Mutual Funds.

By us paying each account first it helps us in another way to make sure we have money to pay our bills and keep our Investing on track for our Financial Freedom goals.

What are your thoughts about having separate checking accounts for your personal accounts, home expenses and more? Do you have separate accounts? If you don’t then what current system are you using and how well is it working for you?

Bottom line we want our boys to have options and different ways to help them get to their Financial Freedom goals. I am sure they could get they’re with or without separate checking accounts for different items. But if they don’t have the discipline, live by their budget and track expenses then it could be a challenge for them to stay debt free or to reach Financial Freedom at an early age. Quotes

Here are some positive quotes I like;

“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill

“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett

“There is no way to happiness; happiness is the Path.” By Buddha

“Change Your Thoughts – Change Your Life” by Wayne W. Dyer

Let me know your thoughts about this blog and let me know of others you would like me to do in the future. I feel we can all learn from each other. That is why I am in the helping people retire early, enjoy life more and be more successful. Also, please see my Disclaimer page.

Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.

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1 thought on “Checking Accounts and One for Home Bills, Debt and Investing”

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