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My husband and I have just recently purchased our first home and I’m wondering how we should start to get our finances in order.

We currently have one checking account (we both use) and a savings account that’s left over from the down payment on our home. We have one credit card and 3 store cards (2 of which are paid of and hardly ever used).

Should we have a separate account for house stuff (repairs and such) or just keep that mixed in with our regular savings? Should we have another credit card? What’s your advice?

(I do plan on speaking to a financial adviser about this, just kind of feeling things out and hearing some ideas for now)

1 Thought on How many bank accounts/credit cards should we have?
  1. Reply
    October 28, 2011 at 3:01 am

    You are just fine where you are…

    The only change you might want to make, in order to avoid fights about money, are “yours,mine and our ” accounts

    Yours for your money wanted to keep separate after paying the bills

    Mine for the same purpose

    and Ours for paying the mortgage, the escrow, the insurance, the monthly bills, heat, power, phone etc etc etc.

    Any credit cards you get, the spouse can be on the hook for payments should you divorce or die, so you should not get any extra cards that you have shown that you dont need. That is how too many people get in debt trouble, because CC debt is the easiest to run up, and the easiest to get out of control.

    You are doing fine where you are, and are making a wise move in seeing a financial planner.

    A word of caution…. chose a FP that is paid by the hour, not by the financial products they offer to sell you.

    The former has no conflict of interest, and the latter… well….. that should be obvious…

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