Millenials hear so much advice about how to prepare for the future that it can feel tempting to ignore every bit of it. That’s understandable. Receiving so much information, on so many topics, from so many sources can feel overwhelming. If those overwhelmed millennials listen to any of the advice bombarding them, preparing for the future financially is about the best suggestion to heed. Here, we’ll discuss one type of financial advice a millennial might want to consider even if they ignore everything else: turning savings into an investment. [Read more…] about Stock Trading: A Guide to Turn Your Savings into an Investment for Millennials
Now that the Coronavirus pandemic has reached a global level, it is more than safe to say that we are living in a time that is more unstable than ever. The world as we know it is becoming an increasingly different place to the one that it has been in years past. Right now, this is the only definitive certainty. It is a certainty that has continuously driven home the point that nothing is forever, and so taking control of what we can and letting the rest go is a healthy habit that is worth its weight in gold. [Read more…] about Using the internet can make managing your finances much easier
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Nearly 94% of American households have at least one primary bank account. But are they making the most of their finances? Holding a variety of different bank accounts is one way you can better manage your money.
You might be asking yourself, “how many bank accounts should I have?” It’s a question with no clear or definitive answer. But if you know some common saving and spending strategies, you can find out which is right for you.
Not sure how to make the most of your banking experience? Here are some banking strategies that might change how you store your money.
How Many Bank Accounts Should I Have?
Optimizing your financial holdings is the key to long-term financial health. For some people, the offerings of specific bank accounts are less important than the way they’re organized.
We’ll help you decide which bank account setup is right for you, starting with the most basic of account setups: Checking and savings accounts.
If you have a bank account with any financial institution, it’s probably a checking account. In this day and age, a checking account is virtually mandatory. Your checking account covers daily expenses, bills, and occasional outings.
A single checking account gets the job done. But what if you’re married? Some couples may decide to form a joint checking account.
For others, sharing their expenses removes too much of their autonomy. The solution for these married couples is to hold a joint checking account for their shared expenses but to also have personal checking accounts for their personal expenses.
In addition to at least one checking account, everyone can benefit from the addition of a savings account. A savings account allows a limited number of transactions but has significantly higher interest rates.
Rather than piling all your money in a single checking account, you’ll generate interest by stashing your savings in a savings account.
For those who have both short-term and long-term savings plans, it might be in their best interest to open multiple savings accounts. In general, your savings account should hold an emergency fund and your retirement reserves, if you’re not ready to invest them in the market.
But also, you might be saving for a vacation, a degree, or a downpayment for a house. Consider opening a savings account for each of these different purposes.
This is known as a bucket savings strategy. At most banks, you can even schedule automatic transfers. These can help you fill different accounts without any micromanagement on your end.
Multiple Bank Accounts
Don’t forget that you can hold multiple bank accounts at different banking institutions. This is especially important for savings. Before you open your first savings account, shop around for some of the best interest rates in the market.
Business Bank Accounts
You should have a checking account separate from your personal finances if you’re a freelancer or own a personal business. This is important not only for tax purposes but can help you keep track of your business’ income and expenses. Not to mention, many banks offer specific incentives for business accounts.
A business checking account might be enough if your income is small and it’s more of a side-gig. However, if you plan on seriously expanding your business, you might want to consider a business savings account as well.
If your business relies on a storefront, you’ll also want to open a merchant services account so you can accept debit and credit cards.
Does your business rely on international customers? Search now to measure risk and financial data that could impact your company.
When Should I Open New Bank Accounts?
In addition to strategically opening new bank accounts, you might want to consider transferring banking institutions under certain circumstances.
Keep in mind that every time you open an account, your credit will take a hit from a hard credit check. Don’t open too many accounts at once if you plan on taking out a loan anytime soon.
Sign Up Bonuses
Some banks offer serious payouts for opening an account with them. It’s not worthwhile to deal with the hassle of switching accounts for the usual bonus of $100. However, sometimes you can snag a deal and receive several hundred dollars.
When you come across a massive sign up bonus, it’s worth your time to open an account. You can easily make $1000 or more in a year just by looking for bank sign up bonuses. Of course, be sure that the financial institutions you choose still offer worthwhile features before you bank with them.
Additional Banking Features
Banking has come a long way. Many banks now offer mobile banking, ATMs without fees, and more. If you feel your bank is lacking in comparison, it may be time to open an account with someone else.
So long as you have an interest rate that matches the standard, it’s generally not worth the hassle of opening a savings account at a specific bank unless it’s a massive increase. To stay competitive, most banks have nearly identical rates.
How Many Bank Accounts in Total?
“How many bank accounts should I have?” The truth is there’s no easy answer. At the very least, you should have two: a savings account and a checking account. However, if you own a business or are married, that number is likely to increase.
You might also own more savings accounts for organizational purposes, or to get the most of sign-up bonuses and banking features.
Want more personal finance advice? Check out our personal finance articles.
For most people, having a holiday means saving up lots of money so that they can enjoy their vacation to the fullest. However, with enough determination and perseverance, you can spend a getaway at one of the most prestigious beach resorts in the world without breaking the bank.
The Sandals Resorts are located in the Caribbean, from St. Lucia to the Bahamas and Jamaica. It is known for its pristine shorelines and exemplary services, which is why it’s a top pick as a travel destination.
It can be daunting to think of spending even just one night in this five-star luxury resort. However, it is possible, and you can save up for your dream vacation by:
- Using Coupons For Booking
Before you book for your stay at the resort, you should look for Sandals deals to get more value for your money. Some coupons offer as much as a 65 percent discount to let you enjoy all-inclusive accommodation.
You can also find promo codes that give you a free night’s stay if you book for three or four nights at the resort. There’s even a chance that you can stack all these discounts to save even more money. Army personnel can take advantage of the establishment’s military discount as well to make the most of their time with their families.
- Looking For Cheap Flights
After you’ve booked for your stay using coupons, you must also look for reasonable airfare. One of the best ways to save money on travel is to join airline mailing lists so that you’ll stay updated on discounted flights.
If you don’t want your primary email address to be spammed with promo messages, you can create a dedicated account that you’ll use on all airline subscriptions. This practice is particularly useful if you are an avid traveler.
Another pro tip to follow is to use incognito or private browsing mode when looking for flights. Most businesses nowadays utilize sophisticated software that monitors their customer’s activity on their website.
If they see that you searched for flights to the Caribbean today, they may change their prices the next time you log into their site. This is called dynamic pricing, and airlines are notorious for taking advantage of this practice.
- Planning Your Budget Well
Research is your primary tool for saving money even while you’re on holiday at one of the most luxurious resorts in the world. It just takes a little planning and preparation before your vacation to ensure that you get the most out of every dollar you spend on the trip.
Here are the steps that you can take when planning for your pocket money budget:
- Know The Exchange Rate – When traveling to a foreign country, you must be aware of the market exchange rate and use that as a reference when looking for money exchange providers. Often, these brokers add their fee on top of the market exchange rate, but you can find some who don’t charge exorbitant prices.
- Check The Menu – While you may be able to bring your own snacks (more on that below), you aren’t really allowed to cook inside your room. To make sure that you don’t overspend, find a copy of the resort’s menu, and plan what you will eat ahead. You can also get the average cost per meal and set a limit on how much you can spend.
- View Service Rates – You should also determine how much to budget for services that you want. For instance, you may be looking forward to a relaxing massage by the beach. You can easily research the masseur rates and account for that in your budget. Don’t forget to include the tip.
- Bringing Your Own Snacks And Gears
You can save a lot of money when you opt to bring your own snacks instead of buying them in the resort. Pack ones that are sealed, like chips and biscuits, to avoid a mess inside your luggage. Moreover, if you’re planning to go snorkeling or playing beach volleyball, it’s better to bring your own snorkels and ball since renting them can add a burden to your budget.
Going on a holiday to a five-star luxury resort doesn’t have to entail putting a massive hole in your bank account. With research, determination, and perseverance, you can look for coupons and find deals for accommodation and flights. Plus, you can plan your budget ahead and stick to it so that you avoid overspending. Lastly, save money by bringing your own snacks and gears so that you can still enjoy your trip without burning cash.