Get dedicated server for the websites and keep shared hosting for the database, good idea?

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http://serverfault.com – We're thinking about moving from a shared hosting to a dedicated server (a managed one, we don't want to manage/maintain it for now). I keep reading that it's best to have a server for the websites and a server for the databases. That, obviously, doubles the cost, and I'm not sure we can afford that right now. My question would be: is it a bad idea to keep the shared hosting we have now (which costs $10/month) and leave the databases we have there? And then move the websites to a dedicated server and connect to the databases from there. Or is there any issue that would make it better to just (HowTos)