Keeping track of money is a lot easier when each dollar has a clear purpose. Over time, I’ve set up a few different accounts to handle everyday expenses, savings goals, fun spending and emergencies. This system has made life simpler and I want to show you how it works.

The everyday account

This account handles everyday life and is essentially our “main” account. All income goes in and all expenses flow out of it. It’s a simple joint account without any extras or fees.

What I like about this account is that we automate almost everything in it. We have scheduled transfers set up and bills are all automated via direct debit (where possible). Bills like electricity and internet are on autopilot so we never have to worry about missing one.

The goals account

This is our savings account where we save for any upcoming trips, events or purchases. The amounts change over time as priorities shift.

For example, we might save $200 a month for a trip to Queenstown or a new laptop. As soon as a goal is reached, we either spend it or move on to the next priority. This helps us see tangible progress and keeps motivation high.

The fun money account

Every fortnight my partner and I automatically transfer ourselves a set amount of personal spending money from the everyday account into our individual “Fun Money” accounts. To make things even easier, we also use a separate debit card that’s only linked to that account.

They are a bit like Las Vegas–whatever happens in those accounts, stays in those accounts. We spend that money freely on things we like without checking with each other.

No other account has changed my relationship with money as much as this one, giving me permission to treat myself guilt-free knowing it won’t affect our household negatively since we budget for it.

The emergency fund

Our emergency fund sits at a different bank with a high interest rate. It just sits there, earning interest until we need it. This account is not about maximising returns, it is about peace of mind. I prefer a simple savings account where cash is instantly available, though some people might be comfortable with short-term deposits.e might also be comfortable with short term deposits.

Closing thoughts

Organising and automating your bank accounts is an easy way to stay on top of your finances. You can spend less time on the nitty-gritty of analysing every purchase and instead focus on your big picture goals. Putting our money on autopilot has saved a lot of time and headspace, so I’d highly recommend it.