5 Types of Bank Accounts Every Girl Should Have
Are you ready to get your finances together and live the life you deserve? Ready to remove the overwhelming stress of managing your finances and master it once and for all? This short guide is for you.
The first step to financing the lifestyle of your dreams is managing your finances. Only then can you
If you’re looking for a step by step actionable guide, I highly recommend the book Smart Women Finish Rich by David Bach. It helped me map out my goals, manage my home finances and records, and instilled in me a level of preparedness the now provides me a high level of security and peace of mind when it comes to managing my money.
Checks out my full book review here.
At the end of the day the number of account is up to you. The best way to determine what you need is to track your spending. Only by tracking your spending can you then have a better understanding of where your money goes.
Checkings
For my household we have two checkings accounts. One for bills and one for discretionary spending (most of which usually goes to food).
Having two separate checkings has tremendously changed our finances.
With two checkings we never have to worry about if there enough money in our bill account because we’ve spent on something random that wasn’t accounted for.
Savings
We have two savings accounts.
With some banks you can have one savings account with multiple ‘buckets’ or categories. I love this for setting specific goals, because you can name these as you please! Having one also maximizes your savings by helping you earn more interest on an overall higher amount.
Next week we’ll talk about some additional accounts you should consider to expedite your financial independence journey.
My Preferred Bank: Ally
Ally is an online only bank. I’ve been banking with Ally for almost ten years. I love it for its convenience, security, and ease of use. Not to mention, Ally offers competitive rates on there accounts as well as excellent customer service.
Unlike other banks Ally refunds ATM fees at any atm, and up to a certain amount. I’ve never paid an atm fee with Ally!
Not to mention, we were reimbursed quickly after our account information was compromised and used. They were also quick to stop payment on bills that all of sudden jumped up in price , which gave us ample time to calls the company and inquire about the expense as opposed to trying to get a refund on something we were overcharged for.
Overall I love Ally. I’ve called them only a handful of times in almost a decade because their service and platform was so good, I never had an issue.
Tip: Avoid banks with minimum amount requirements or fees if you’re working with a low income. $12/month fee totals to $144 that you could have saved or invested by the end of a year.
Summary: How many accounts should I have? 4-5
Checkings:
- Billing (All Bills)
- Spending (Discretionary)
Savings:
- Short Term (Pre-Emergency Fund, vacation, etc)
- Long Term (House, etc)
CD:
- Full Emergency Fund (willing to incur the expense (usually set percentage or fee) to withdraw before maturity if I’m in an absolute emergency.
That’s all. Hope you ladies enjoyed the post. Don’t forget to save this to your Pinterest board for reference!
