I have 34 bank accounts – it makes managing money simpler

A defining moment that, for me, proved my money management and financial structure had truly paid off was when I found myself living a dream with my family, jet skiing in Majorca, watching the sun set as dolphins swam beside us.

It was an incredible experience, made possible by the way I approach my finances.

My financial planning allows me to travel freely whenever I choose and take my family away every Christmas. On a practical level, leaving the 9 to 5 behind also means I can enjoy small wins, like going to the gym during the working day.

With so much admin related to our finances, you might assume the secret to my success is consolidating everything into one main bank account.

In fact, I have 34.

Yes, you read that right.

It might sound excessive or overcomplicated, but managing nearly three dozen accounts doesn’t muddy the waters. Instead, it gives me clarity, control, and a logical way to manage my money.

I’m not tempted to spend what I shouldn’t because everything is allocated and, more importantly, automated through monthly standing orders.

In my opinion, everyone should aim to create something similar for their finances.

Like most people, I started with just one bank account.

I was never bad with money. In fact, I’ve always been a saver rather than a spender, but I wasn’t always proactive with my planning.

Still, I was conscious in the back of my mind that if I practiced delayed gratification and became smart with money early, I could build a future of financial freedom.

The real turning point came when I had my son in 2013, at just 20. He gave me an unstoppable drive to improve our financial position as quickly as possible.

From that moment, I set out to learn everything I could about business, money, and wealth. I read and listened to as many books as possible on my commute, at the gym, and during spare time on weekends.

I then began starting side businesses, from selling clothing on eBay, to running a small wedding events business, to serviced accommodation.

Eventually, I found my footing in finance, which allowed me to leave my monotonous job by the age of 27 and completely change my circumstances.

My journey with multiple bank accounts began modestly. I opened a second account for bills, then another for savings, and a fourth for tax.

Over time, as my income grew through multiple streams, businesses, social media, sponsorships, brand deals, and consulting as a money and business creator, my system expanded.

Today, I have 10 current accounts for income and holding funds, six holding accounts, five business accounts, five savings accounts, four tax pots, and four investment accounts, each with a specific purpose.

They contribute towards savings, investments, bills, fun money, tax, marketing, emergency funds, and maintenance.

Every week, I deposit money into my son’s savings account. By the age of 20, I expect him to have between £15,000 and £18,000 to support his future business ventures.

I also plan to scale my tech company, Holldr, with the intention of selling it. When I do, I will continue supporting my son’s business growth.

I never overspend. I never panic about bills or feel guilty about treating myself or my family, because everything is already accounted for. Any surplus money is invested or saved.

Our financial position allows us to eat out four to five nights a week. I try to avoid spending on material items that depreciate, but food is something we all love and it provides invaluable quality time together.

Another benefit is being able to take multiple holidays each year, experiences I believe are essential for my son’s wellbeing and personal growth.

Without my money management system, and all those separate accounts, I would not have been able to provide this life for him.

When I explain my system, reactions are mixed. Some think it’s genius. Many people on social media have told me they’ve tried it, or a version of it, and that it transformed their relationship with money.

Others believe I’ve taken it too far.

For me, however, it’s something worth exploring. In fact, it could change your life.

My immediate family have been incredibly supportive, although some others reacted so negatively that I chose to distance myself from them.

You don’t need 34 accounts to begin, I certainly didn’t. I recommend starting with three or four, one for bills, one for savings, one for spending, and perhaps one for investing.

It’s simple, but powerful.

Most importantly, I learned the strength of automating everything through standing orders. It removes decision fatigue. I won’t forget to save that month or justify unnecessary spending, every pound has a purpose, even if it’s allocated for fun.

Owning this many accounts may sound chaotic, but I take comfort in knowing that every transfer is part of a bigger journey.

That journey is towards financial freedom, or, as I call it, a ‘Life By Design’, one step, and one bank account, at a time.

Do you have a story you’d like to share? Get in touch by emailing Ross.Mccafferty@metro.co.uk. 

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