Money management, as a social young person, is hard.

In the age of "I want it, I got it" (thanks, Ariana Grande), everyone seems to be rolling in it. Yet we're expected to have a nest egg and a retirement fund as well. So, we trip up—spend too much—and regret it later.

If you're like me, you want to manage your money correctly. And it's so, so simple.



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So. Multiple bank accounts. People have them to compartmentalize money they earn. I have a bank account for every expense category.

When I get a piece of income, I break it into many parts based on percentages, and each part goes to its corresponding bank account. This allows me to cover my expenses and know exactly how much money I can have fun with.

Here are my 8 bank accounts, and how much of my paycheck I put into each.

(Your percentages and bank accounts may be completely different—mine reflect a lifestyle where I live with my parents (thereby having no rent), have no student loan debt, work a part-time job, and am heavily focused on saving.)

- 15% goes to Clothes (at Wealthfront Online Banking)

- 5% goes to Skincare (at Wealthfront Online Banking)

- 10% goes to Eating Out (at Wealthfront Online Banking)

- 5% goes to Car Expenses (at Wealthfront Online Banking)

- 5% goes to Greece Fund (at Wealthfront Online Banking)

- 25% goes to Roth IRA (at Wealthfront Online Banking)

- 5% goes to Checking (at BofA)

- 40% goes to Savings (at BofA)

The key: only spending what is available in these accounts. Whenever I need to pay a bill, I withdraw the appropriate amount.

I would highly recommend Wealthfront online banking for anyone reading this. Their cash accounts are free, with no annual fees, and they earn 2.57% per year—meaning if you put in $1200, you'd make $30 interest. In any physical bank, like Bank of America, you'd only make $3 or so.

This budgeting strategy has brought me an immense sense of control and freedom in terms of my finances. I now spend guilt-free, but within my bounds, knowing I'm building up savings and a retirement fund that will cushion me in future years.

And that's why I'm not crazy for possessing 8 bank accounts. You should try it!