Is it a good idea to have two bank accounts?

[Scarlett]

Someone I spoke with recently recommended using two bank accounts. One was meant to have income from your job coming in and the other is meant to function as money going out. So you put money from one into the other so manage your bills and debt and the main what, what is left over, is what you can choose to save or spend. Is this a good method for managing debt? 

[James]

Whatever works for you. 

I have multiple bank accounts but for a very different reason. I am trying to build a relationship with a bank most of the time which is why I deposit money there. I may be looking for a loan in the future and showing a pattern of good behavior sometimes goes a long ways. 

My Mom used to use envelopes to manage money. She had her budget and broke down each category into an envelope and she would put cash in there at the start of every month and when the envelope was empty you either had to grab from another one or go without. 

On a personal level I do keep a checking account for my day to day activity and a savings account for my emergency fund. The is mainly because I do not like my checking accounts that have debit cards and checks attached to them to have much funds in them as its harder to get this cash back when its stolen by someone else then say when your credit card is stolen. So keeping less money in a checking account to me I feel it keeps me at a lower risk level. 

[Stacey]

I think this system can be great if it is something that will help you manage things. I prefer to use a bank account and a Paypal account myself. I will use the Paypal account to pay for bills and such online and just transfer money back and forth from the bank to Paypal and vice versa. 

[Emma]

I only have one because I wouldn't be able to manage two! I think it is a system that can work for people though, I know a few who have two or even three accounts. It is not something for me though. I like to keep things organized and in one spot. 

[EagleEye]

I have 2 bank accounts but for different reasons. As soon as I get paid, I "Pay" my savings. I decide how much I save per month and immediately transfer it. Whatever I have left over is whatever I can spend that month.