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We have found that it is best to have three checking accounts. One for bills, one for gas (DH commutes and needs to fill up every other day) and finally one for evertyhing else (groceries, eating out, entertainment, etc.). Its kind of a lot to keep track of but we are on a snug budget and have just entered a DMP and we cannot have overspending on groceries leave us without funds to get gas or pay the mortgage, etc.
So, in addition to all this, I just started going to FPU and when our tax refund comes in, $1000 of it will go to starting an emergency fund. DR recommends putting it into a money market so it doesn't mix with "regular" funds but is easily gotten into when a real emergency comes up. I'm worried about opening up yet another account even though I know most of the time it would just sit there. Anyone have any thoughts/comments?
I am not a financial advisor, but if you agree with the reasoning of the DR, I'd say do it. Check and see if any of the accounts you already have will let you tie a money market account into them. I know that the institution that I work for allows you to have a checking and MM on the same account number, just different suffixes.
I use a MM to pay my mortgage on my rental property with. That way I earn more interest off the money than I would having it sit in a regular checking. Just be aware of the rules of the account. Mine allows 6 transactions per month. Those 6 total include deposits and withdraws. Of those, only 3 can be check transactions. My property manager deposits the rent in and then I cut the check to the mortgage once a month. That way I didn't get that money mixed in with our normal household money. And that's the only transactions done on that account.
the DH and I actually manage our money in much the same way as you. Other than the Money Market, we have 3 checking accounts. One is his. One is mine, that other pays the household bills that do not fluctuate. We both get an alloawance from the main account. I get all the grocery money and minor expenses. He gets money for his incidentals. We never fight over money and keeping everything compartmentalized makes working my budget so much easier.
Good luck what ever you decide.