How many bank accounts should you have? As many as your bank will allow!
You need to have a purpose to save money. Why are you saving? What are you saving for? Ask yourself that question.Whether it’s for a car, furniture, down payment on a house, vacation, etc, it’s important to know why you are saving.
Find a bank with high yield savings and open several bank accounts and give them different nicknames. For example:
-Checking account ( look for checking accounts with no fees). Credit unions typically offer no fees.
-Cushion money AKA emergency fund
-My fun money
-Wealth building account
-Baby # 1
-Baby # 2
-Down payment for house
How many bank accounts do you have? Leave me a comment below.
Disclaimer: The post is for informational and educational purposes only. Please consult your financial adviser for appropriate financial advice.