It shouldn’t be news to you, but somehow, it still is for a lot of people: having more than one bank account is one of the most underrated wealth-building strategies out there.
In Nigeria, where hustle is a lifestyle and “man must survive” is more than just a phrase, the average professional or businessperson is often juggling multiple responsibilities—rent, bills, black tax, data subscription, that wedding contribution for your cousin in Aba. It is quite a stretch. And as a 9-5ver, this experience is doubly true.
You see, for many working professionals, payday feels like a moment of relief. You see the alert, you smile, maybe even tweet or make a meme about it. But a few days later, you’re wondering where the money went. You just lived the meme.
In truth, the problem isn’t just your income. The system you operate is also a contributing factor. If you want to build sustainable wealth in Nigeria’s ever-volatile economy, you need more than hustle—you need smart strategies and in this case, you need a structure. And that structure starts with having not one, but FOUR bank accounts.
Let’s talk about the why.
One Wallet, Four Pockets
Imagine trying to build a house. You have bricks, cement, wood, and roofing sheets — but you dump everything in one big pile on the ground. No structure. No separation. Just chaos. That’s what your finances look like when you operate with only one bank account.
To build wealth, you need to divide your money into four financial accounts:
1. Income Account
2. Expenses Account
3. Savings Account
4. Investment Account
Let’s break them down.
1. The Income Account
This is the account where your salary, business revenue, or side hustle money lands. It’s the entry point. But here’s the mistake most people make: they treat this account as a do-it-all. It becomes their shopping account, their savings, their emergency fund, and their investment source.
No wonder the money disappears like PHCN light during a thunderstorm.
This account is purely for receiving money. That’s it. Once the money hits, it should immediately be redistributed.
Practical Tip:
Use the 50-30-20 budget rule:
• 50% for needs (e.g. rent, food, transport)
• 30% for wants (e.g. Netflix, shawarma cravings, aso-ebi)
• 20% for savings and investments
From here, move money into your other three accounts. Which brings us to…
2. The Savings Account
Are you familiar with the saying, “Save for the rainy day?” You see, rain in this context is not a question of if, it’s a question of when—especially around these parts. Generator spoils, you fall sick, car breaks down, or NEPA does their thing and you need to replace a fridge. That’s where savings come in.
This account is for emergencies, short-term goals, and peace of mind.
Try to stash at least 10% of your income here every month. If possible, use a bank that doesn’t make it too easy to transfer back on impulse.
You know what they say, out of sight, out of spend.
What Goes Here?
• Emergency fund
• Rent savings (split monthly)
3. The Investment Account
This is your wealth-building engine. Not for spending. Not for emergencies. This is where your money goes to work for you.
Think of this account as your financial farm. You plant (invest), you water (monitor), and you harvest (returns). It’s strictly for money that will grow—stocks, mutual funds, real estate, digital assets, agri-tech, anything that appreciates over time. Try to stash the second 10% of your income here every month.
Practical Tip:
• Use platforms like Bravewood or Cowrywise ( ensure you do your research).
• This account is not for withdrawals unless it’s maturity time. No touching. No impulsive spending.
• Start small, but start smart.
4. The Expenses Account
This is the account that handles the daily expenses: rent, electricity, food, fuel, subscriptions, transport, and occasional splurges.
This account is where your 50% goes, according to the 50-30-20 budgeting rule. Once your budget is done, you transfer your monthly “allowance” here and do life from it.
Pro Tip:
• Once the money here finishes, you’re done spending for the month. No dipping hand into the income or savings account.
• Use a debit card tied only to this account to avoid overspending.
• If you want to level up, split this into two: one for fixed expenses (e.g. utility bills) and one for flexible spending (e.g. food, entertainment etc).
The 50-30-20 Rule
Let’s circle back to the 50-30-20 rule, your simple but powerful budget compass:
• 50% Needs → Expenses Account
• 30% Wants → Still Expenses (but tagged separately)
• 20% Savings & Investments → Split between the Savings and Investment Accounts
This rule isn’t law, but it’s a great place to start. Adjust for your realities, but always prioritize saving and investing.
Why This System Works
1. Black Tax Doesn’t Blindside You: With structure, you can give without going broke.
2. You Avoid Lifestyle Creep: More money doesn’t mean more spending, it means more investing.
3. You Gain Clarity and Control: No more “where did my salary go?”
4. You Build Financial Discipline: Wealth doesn’t come from what you earn, but what you keep and grow.
Final Thoughts
Everyone wants to be rich. But not everyone is structured. And without structure, money will slip through your fingers.
Having more than one bank account isn’t just smart—it’s essential. It brings order to your money, clarity to your goals, and calm to your financial life.
So if you’re serious about building wealth—real, sustainable wealth—then it’s time to stop relying on one account to do it all.
Divide. Conquer. Grow. Your future self will thank you.
Bravewood provides Nigerian professionals with low-risk, high-return investment products, licensed by the Central Bank of Nigeria.
