Is it feasable to have 3 seperate bank accounts, and have money automatically transfered from one to another every few weeks?
I just got out of college and have my first grown job, so I’m dealing with grown up money. I already have a savings account for emergencies and I don’t want to touch that, though I know it’s very common to have a savings account and spending account.
What I want to know is if it’s possible to have ANOTHER bank account in addition to my saving and spending accounts – one where my paychecks are directly deposited and I use it for paying rent/bills/etc…and then a spending account where a small amount of spending money (say, 200 or 300 bucks or so) is automatically transferred every two weeks for food, gas, entertainment (anything left over I put in savings)? I guess my question is, does this seem like a feasible idea? To have 3 accounts, a savings, spending, AND rent/bills account? Is it possible to have a set amount of money auto-transferred from one account to another incrementally over a set period of time? Or does this sound like a ridiculous idea? Know anyone who does it? Have you ever done it? Does your bank? I’d ask my bank, but I’m stuck at work and figured I could query the internet first.
Just asking because I suck at budgeting and I’d really rather just know that I’ll always be able to make rent/bills on time.
This question is in the General Section. Responses must be helpful and on-topic.