Open six bank accounts if want to stick to your budget

The first step to creating a solid cashflow plan is to have the right banking structure in place. To be on top of your cashflow, you need to make sure you aren't allowing the cost of your lifestyle to creep beyond what you can afford, and that you have a plan in place so that incoming funds seamlessly flow between accounts and expenses.

If you don't have a plan, you are likely to lose funds to seemingly small expenses that add up significantly over time. Multiple bank accounts make you pay attention to those small things.

To me, budgeting is a bit like a diet. If it's really strict, pretty bland and takes a lot of energy, it's not going to last, and at some point you're going to binge eat to make up for what you feel like you've been denied.

Having six accounts sounds like a lot, but I promise you there's a reason for each one. Together, they create an automatic system that helps you save, without feeling deprived.

Bank account one: the cash hub The first account to set up or rename is the one that will have your income coming into it every week, fortnight or month. Ideally, this bank account shouldn't have a debit card associated with it - and if it does, don't keep it in your wallet.

This account is going to have all your direct debits to your other accounts attached to it, and it will house the money that you need to cover your bills and other expenses. Personally, this account is with the same bank I've been with since I got my first job as a teenager. I've had no reason to change it yet, as it doesn't charge any fees.

Second account: food, fuel and fun The second account I recommend is your personal spending or your "food, fuel and fun" account. This account has a debit card associated with it, since it is the account that funds your weekly spending.

Rather than trying to stick with a budget and put aside savings all in one account, this account exists so you can give yourself a weekly spending allowance you cannot go over. Each week, on the same day, transfer your total weekly personal spending amount into this account. Third account: emergency fund This fund is so empowering, and is the start of your journey to financial freedom and security. Yes, it's an emergency fund - and we've all heard of those before. It exists because we can't predict when we will get a flat tyre, or need to pay an insurance excess or take unpaid leave from work.

Fourth account: short-term savings This is going to be for goals you're planning to achieve in the near term, like going on a holiday, purchasing something big or planning to get married. This account should be a fee-free, high-interest savings account. If you're currently in personal debt or have a credit card, you won't be contributing to this fund just yet - because your main goal should be to get out of debt.

Fifth account: long-term savings This is where your funds for any medium- or long-term savings goals will live. This could be anything from saving for a home, working towards financial freedom or saving money towards the cost of having a family one day.

This money is going to be there for the long term, so having it in a high-interest savings account is a good idea; or you could talk to a financial adviser about some ways to invest your money if you wanted to.

Sixth account: not an emergency but it still feels like an emergency

If you can think of a better, shorter and sassier name for this account, go for it.

This account has been really useful to me - it exists because sometimes you want to go to a friend's birthday dinner, organised last minute, or you got invited to join in on an experience next weekend - but you don't have the money in your everyday account to do so.

I strongly discourage dipping into your savings, and this is how I mitigate having to do that.