Study says fewer bank accounts is better for saving - DC News FOX 5 DC WTTG

Study says fewer bank accounts is better for saving

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How many bank accounts do you have?  Most of us have a few.  But it might be time to start paring down.  

A new study indicates that getting rid of some of your bank accounts might help you save money.  A University of Kansas business professor writes that conventional wisdom is that people who spread their earnings across different accounts actually increase their savings.  But he says it doesn't necessarily work that way.  

Instead, the professor says the less complex our finances, the more we save.  The researcher says that people find spending more fun than saving, so they'll use creative ways to spend more.  They'll take a little from one account, and a little more from another and another.  The extra spending doesn't seem like much when it is spread out.

If you just have one primary account, the study says you'll know exactly what money is going out, and you'll be more likely to think about what you're buying.  This is important because Americans don't save enough money.

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