Banking is essential for everyone. Whether you’re using your account for saving money, or to have a place to deposit or cash your checks. Many people even set up accounts for their children’s futures, and create college accounts and trust funds.
If you have more than one bank account, I’m sure that you compare your current accounts online, because it makes banking so much easier than having to run to the bank to do it. The options of ways to save your money through banking are almost endless. CD’s, Christmas Club, Retirement accounts, Trusts, Savings accounts, or just separate accounts to pay bills, are just some of the many ways that you can save money, as well as make a little money from saving your money. Nothing is easier than making interest on money that you’ve got in the bank. You just have to learn not to spend it :).
There are also options for current accounts to pay bills, that way you know just how much money you have to spend to do extra things, or buy groceries for the week. Paying bills online is really nice, and some banks even have the option to set up withdrawals every month for your bills. It’s a great option to use if you find yourself forgetting to pay your bills on time, you just have to be sure that there is always enough money in your separate account to pay the bills each month.
If you’re interested in starting a bank account for your kids, that is really very simple. I find that income tax time is a great time to start their accounts with a larger amount of money, and then add to it whenever you have some overtime all year long. It’s a great way to start their adult lives early, and get them started for a great future.
If you don’t have children, starting a retirement account is also a great idea. You could do the same thing that I talked about with children’s accounts. Put in a little bit of money at tax time, and then add to it when you have a little extra. Think of all the great places you can go when you’re retired! A vacation account could also be handled the same way. There’s so many possibilities!
Banking and saving your money, also teaches your children how to spend and save their money wisely. Some banks even have great incentives for your children to bank their money in their banks.
Do you have more than one bank account? Do you use any of them to pay bills, or do you just have a savings account? Let’s discuss!