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Bank Accounts To Have To Manage Your Money Better

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There is no right or wrong answer regarding the number of bank accounts you should have. However, bank accounts can help you better organize your money and budget without even knowing.

 

Automating your money into different accounts will help you be more hands-off on paydays. Your HR department can help you do this, and they will provide you with the paperwork to add different accounts so that your money is split on payday and distributed accordingly.

 

The more hands-off you are, the easier it becomes to manage your money.

 

In this blog post, we will explore the different bank accounts to have to manage your money better:

 

1. Main checking account for expenses

 

Use the main checking account to have all of your money for bills. You can leave this debit card at home because the money in this account will dip into the expenses if used.

 

If you are banking with Wells Fargo or Bank of America, it is time to move away from those banks. They do not offer benefits to their customers and care more about hitting quotas and opening bank accounts without your permission. Check out the news on those banks.

 

Charles Schwab offers no fees when using any ATM and does not have international fees.

 

I need this checking account in my life!

 

Do your research and choose the bank that aligns with your values and needs.

 

Ensure you do not pay fees to have two accounts. Usually, the fee is waived if you set up a direct deposit or open a savings account and set up a recurring transfer.

 

2. A second checking account for spending

 

You can use your second checking account to have fun money, also known as spending money.

 

Every time you get paid, give yourself a set amount for fun. I know you want to reach your money goals fast, but being restrictive will only set you back.

 

Having a specific amount will help you spend only the money you have and stay focused on your money goals. Have fun! You will see how you achieve your money goals this time around.

 

3. A joint account with your partner

 

A joint account can look different depending on how you manage finances with your partner. Having a joint account to pay the mutual expenses is very helpful.

 

Again, this can look very different for everyone, but some couples put in a certain amount that they agree on. The second option is to place a certain percentage of the earned income into this joint account.

 

Choose what works for you and your partner. Despite having this joint account, it is okay to have your own checking account—in fact, I encourage it!

 

4. A high-yield savings account

 

Your emergency fund should be in a high-yield savings account. Automate these transfers so they never touch your checking account every time you get paid. You want to do this to avoid the temptation of adjusting your savings “this month.”

 

A high-yield savings account earns you money by having your savings sitting there. It is the easiest way to make money on your sleep without the risk.

 

I know what you may be thinking: what’s the catch?

 

There is no catch. It is that simple. Of course, the more you save, the more you can earn.

 

High-yield savings accounts to consider: Ally, Sofi, Capital One, Marcus, and many others.

 

While choosing your bank, note how much their interest rate will pay you monthly. It will fluctuate, but you will not lose money.

 

These accounts are free, and if one has a fee, you can likely find another that does not.

 

If you are still wondering: How can I trust them?

 

These banks are FDIC insured, meaning your money is insured up to $250,000 in case of bank failure. This online savings account is a no-brainer. Run, don’t walk!

 

5. Have money in cash

 

Okay, I know this is not a bank account, but if overspending is a problem and you want to work on it, I suggest taking out your fun money in cash. Once that money is gone, it is gone. You cannot use your debit or credit card to supplement a purchase.

 

In the early days of my money journey, having my spending money in cash helped me stay on track and build self-trust!

 

By choosing the right accounts for you, you can gain better control over your money and enjoy stress-free days.

 

It sounds very simple, and that is because it is! Whether you are saving for a rainy day or tracking your spending, the accounts you choose can make all the difference!

 

When we work together:

 

  • I help you set action steps to meet your financial goals
  • I help you create a budget that works for you and choose accounts that help you easily manage your money
  • I help you enjoy your life now while you work on your financial goals

 

If this resonates with you, I invite you to work with me! It would be an honor to be part of your money journey. Book a sales call.

 

I cannot wait to be part of your journey!

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One Response

  1. ?Love this post!

    I did set up multiple accounts but got the purposes mixed up along the way. This was a reminder to just prioritize again what do I want the money to do.

    I have the one for expenses. I have a fun one. But then my savings turned into expenses too because I have that account automatically connected to pay my credit card bill.

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ABOUT AUTHOR
Orlenda Cortez

Welcome to my corner on the internet! I’m obsessed with using money as a tool because it led me to pay off $30K in consumer debt in a year and a half, helped me save $20K in nine months to have my dream wedding in Costa Rica and is helping me build the life I never saw my family experience. Now I want to help others do the same!

Orlenda Cortez
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