Chances are we all have more than one bank account. As the world switches increasingly to being cashless, bank accounts become more important. They are now the new substitute to our traditional wallets.
Depending on your preference, you may have one or many accounts. Choosing suitable accounts is similar to buying wallets that meets your needs. It is important to know what you want and need. Whether it’s to save or just to hold cash for transactions, make sure it fits!
Getting An Overview:
Here’s a video to give you an overview of the bank accounts available and how individuals use them
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Structuring Your Bank Accounts
Typically, most of us use a transaction account to ‘hold cash’ for payments. This is the account that we use for our electronic wallets. We then separately have a savings account which pays interest to keep cash for emergencies or to save towards a specific goal.
A basic structure would thus look like this:
Some of us may have multiple transaction accounts and savings accounts. Depending on how organised you are, determine which is most effective. Some may keep the accounts to a minimal or label each for their specific purpose. Regardless, do keep track of all the accounts you have in a list so that you don’t forget where your money is stashed!
After organising your bank accounts, it’s time to always feed them. If you are stuck for ideas on how to earn money, check out our article here!