Why I have so many bank accounts

One of the most common reactions people have when they see my financial setup is some variation of, “Why do you have so many accounts?”

And honestly, I get it! Haha. 😅

Between EQ Bank.. Wealthsimple.. Neo Financial.. TD.. Triangle Mastercard.. and Monarch Money tying everything together, it probably looks more complicated than it needs to be.

The funny thing is that my finances actually feel much simpler now than they did when almost everything lived at TD. And that's how I had it for decades.

Back then, bill money, tax money, business income, savings, and everyday spending were all sitting too close together. Apparently, putting money beside spending money makes it surprisingly easy to spend. Who knew? 😬

Eventually, I realized I wasn’t looking for one perfect bank account. I needed a system where every account had a specific task and every dollar had a purpose before I had the chance to accidentally give it a different one. This reminds me of how I organize my trading card collection, my LEGO pieces or my tech. Everything has a designated spot, making it easier for me to do what I do!

Let's jump into it!

My budgeting app Monarch Money now acts as the dashboard for that system, helping me track every transaction, balance, upcoming bill, future expense and plan around categories like fixed costs, debt payoff, taxes, guilt-free spending, and business expenses. Thank you Monarch!

(Btw I've listed every account's invite URL at the end, so we can both get a little perk!)

My dog training business is currently transitioning from TD into EQ Business. I’ve completely eliminated the TD overdraft balance I had, which felt like closing a chapter that had been following me around for far too long.

Going forward, my dog training business income, expenses, and my Profit First allocations will live in EQ Business, where the money can remain accessible and earn interest.

My EQ Bank personal handles most of my personal commitments. That includes CRA payments, credit card payments, bills, and the separate amounts I set aside for HST and personal income taxes. Keeping tax money in its own buckets helps me see it as money that's already asssigned rather than extra cash that happens to be sitting in my account.

Wealthsimple is where a lot of my “future Carlos” money lives.

The majority of my income lands there directly, and I use it for investing, long-term goals, (automated and recurring) rent e-transfers, and others. Since Wealthsimple lets me automate everything I need, I've set it all up once, and stop using mental energy to remember the same payments every month.

That includes my recurring investments into my TFSA, meant for retirement and to grow my portfolio.

Neo Financial has a completely different role

Neo handles ALL of my guilt-free spending. A predetermined amount is transferred there each month and divided into buckets for things like date nights, eating out, gifts, groceries, health, driving, and miscellaneous spending.

By the time that money reaches Neo, the budgeting has already happened, so I can enjoy spending it without wondering whether it was meant for a bill or something more important.

My credit cards also have very specific jobs now.

The Triangle Mastercard I recently got has been paid off in full and is only used for predictable recurring charges that also get paid in full each month. My TD Visa, on the other hand, is no longer used at all because its only job is to disappear at this time. 🫥 I'm saying goodbye to TD in all areas. Their Visa is currently my main debt payoff target, so every payment reduces the balance instead of competing against new purchases.

From the outside, this probably still looks like a lot of moving pieces, but it reduces the number of decisions I have to make. It's important to remember we all run on a finite amount of brain energy, not just physical.

Now I don’t need to wonder whether money is meant for taxes, bills, investing, debt, business expenses, or fun because that decision was already made before the money arrived. The goal isn’t to build the perfect financial system, because it's constantly growing and adjusting as my needs and circumstances change.

Instead, the overall vision is to make good decisions easier, bad decisions harder, and future Carlos a little less annoyed with present Carlos. 😉

So yes, I have a lot of accounts, but for the first time in a long time, every one of them has a reason to exist.

Links mentioned in this post

Some of the links below are referral links. Here’s what you may receive when signing up through them:

• Monarch Money: Get 50% off your first year.https://monarch.com/referral/imrzlva0ls?r_source=copy

• Wealthsimple: Get $25 when you deposit $100 or more within 30 days.https://www.wealthsimple.com/invite/7F9V9T

• EQ Bank: Get $20 when you deposit $100 or more within 30 days.https://join.eqbank.ca/?code=CARLOS5679

• Neo Financial: Get $25 when you’re approved for a Neo credit card.https://neo.cc/refer/X5U2B8A3&utm_source=referral&utm_channel=customer