What I do has worked great for >10 years:
- Direct deposit paycheck into checking account 1(the main account)
- automatically transfer spending money to checking account 2 (I call it the Petty Cash account)
- auto transfer $x for the large recurring or known but infrequent bills into savings account 3 (I call it the Escrow account)
- Only issue bill payments from the main account
- Only walk around with debit card for petty cash account. I also use this for online purchases, Amazon etc
- As needed, transfer from escrow to main to pay off something big, like property tax or car insurance.
Play with the transfer amounts to suit your budget. This helps you not have to think about spending money, or if you have enough to pay rent that month.
Back to the furniture example from grandparent comment, I simply ensure that main has enough in it each month to cover the monthly expenses. HTH
Play with the transfer amounts to suit your budget. This helps you not have to think about spending money, or if you have enough to pay rent that month.
Back to the furniture example from grandparent comment, I simply ensure that main has enough in it each month to cover the monthly expenses. HTH