How to Reduce Financial Stressors

Recently I received the following email in response to “3 Steps to Overcoming Money Stresses”

Hi Gary,

I love your articles – thank you for them! Regarding this article, I would love to simplify our money management because we have 3 checking accounts and 1 savings. The reason for this is because we had our debit card numbers (and money) stolen at a time when we were very vulnerable. Yes, the bank reimbursed us but that took time and we had just closed on our house not long before that so we didn’t have alot of savings left. I know that having a bigger savings would probably help, but the idea of having all of our money in one bank is scary. I’m not writing to debate what you said. I am hoping you can help me have a different perspective.

Thank you!


Dear AP,

Thanks for your note and the kind words. It sounds as if you may be someone who is more comfortable with multiple accounts. If having all your savings in one place is ‘scary’, then you’ll feel safer having it divided. Obviously you can take that to a fault. And perhaps 4 accounts is going a bit too far. But only you know what will give you peace of mind. If you wanted to experiment, try consolidating into just 2 checking accounts and see how that makes you feel. If you’re comfortable, you can decide if you want to try to consolidate into one checking account. On the other hand, if you start to feel frightened you can always reopen a third checking account and go back to where you started. Ultimately the goal is to reduce stress. And although the article points out some common financial stressors, everyone is a little different. The trick is finding what works best for you.

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