Why you should have multiple savings accounts – The best way to ensure that you build wealth and avoid debt is to diligently plan and save as much money as possible for both future needs and desires, according to www.moneycrashers.com
However, exactly how you handle your savings can depend greatly upon your financial habits.
Some financial experts recommend setting up a simple savings account tied to your current account, while others advocate opening multiple accounts to be used for various savings targets.
There are pros and cons to each approach. Of course, a major part of your final decision depends on your financial personality.
Questions about your savings habits
- Do you have a budget that includes room for saving?
If not, you need to create one, even if you can only save a tiny amount from each pay cheque. Use financial software or just a pencil and paper to list all your income, all your fixed expenses (such as your rent or mortgage and car payment), and your fluctuating expenses (such as groceries and discretionary spending). You may need to track your spending for a few weeks to find places to cut spending so you can build your savings.
- Are you comfortable with an automatic transfer of funds into a savings account?
Automatic savings are the easiest way to ensure consistent savings deposits. If you are comfortable with it, have a set amount transferred to your savings from each pay cheque. Over time, you can significantly increase your savings.
- Do you frequently tap into your savings for non-emergency spending?
If you regularly spend money from your savings account, you may need to open an account that is more difficult to access, such as a money market account that limits you to some withdrawals per month. If you’re dipping into your savings often, this may be a sign that you need to reorganise your budget.
Reasons to have multiple savings accounts
The ease of opening online bank accounts allows you to open multiple savings accounts within minutes, either with the same financial institution or spread out among several.
According to www.moneycrashers.com, doing so might make sense for you for the following reasons:
You have multiple savings goals
The main reason to open more than one account is to track exactly how much you have saved toward each individual savings goal. For example, if you want to save three months’ worth of income in an emergency account, set money aside for a down payment on a house, and fund your summer holiday, then you could open three accounts to see at a glance how close you are to reaching your goals.
You need to separate your savings
You need to keep some of your money on lock-down so it’s available if you face an emergency. Consider keeping an emergency fund in an account that’s easily accessible, and then store the remainder of your funds in accounts tied to various short- and long-term targets.
You have high balance accounts
Insurance companies offer cover for depositors up to certain limit of deposits. You may need to spread your money around to avoid the risk of exceeding the insurance limit.
You are concerned one of your banks could fail
While the Nigerian Deposit Insurance Corporation reimburses you if your bank goes under, it could take time before you have access to your money. Keeping some money in another financial institution means that you are more likely to always have funds when you need them.
You can receive multiple perks
While you may want a bank with an ATM near your home or workplace, online banks often offer better interest rates, and some institutions give you a bonus for opening an account. You may be able to take advantage of perks from several institutions if you open multiple accounts.
You’re indecisive
You can try out different banks for a while to gauge their levels of service.
You need to make withdrawals regularly
Money market accounts and savings accounts are typically limited to certain number of withdrawals per month. However, if you open three of such accounts, you can withdraw money up to several times per month. Just be sure that the money you withdraw is being used for further investments or for applying to your specific savings goals – otherwise, you’re just depleting your accounts. There are both pros and cons of having multiple savings accounts
Reasons you may not want multiple bank accounts
Despite the various advantages, there are several reasons you may want to keep your savings in one place rather than in multiple accounts:
It can be hard to reach minimum balance requirements: Many savings accounts require you to open an account with N1000 or 2,000 or more or require you to maintain a minimum balance in order to earn interest.
Building banking relationships can be more difficult: Even if you choose to have multiple bank accounts, it may pay to keep them with one financial institution, as some banks provide lower interest rates on loans or reduce fees for customers with multiple accounts.
You could lose interest: While the interest paid on most savings accounts is pretty low, some accounts pay a higher interest rate on a larger balance. Spreading your funds into many accounts may keep you from earning the highest rate.
You may find it confusing: If you have N5,000 allotted to save each month or you receive an unexpected bonus or gift, you’ll have to decide whether to put it all toward one goal or to split it between various accounts. If you have only one account, you won’t have to decide immediately how to appropriate the money.
Multiple accounts can complicate automatic transfers. If you choose to have money transferred from each pay cheque, it may be too much to keep track of if you are having cash transferred to a variety of accounts.
You may lose some money. If you are less-than-perfect at keeping track of your finances, you may be better off with one account – or at least with keeping all your accounts with one financial institution so you don’t forget what you have and where it is.
You could pay higher fees. Some financial institutions charge fees for their accounts, especially on accounts with a low balance. Make sure you’re not overpaying by dividing your savings.
Final word
If you are supremely organised and want to keep your funds for various needs and desires separate from each other, you may be a good candidate to open multiple savings accounts. However, be sure you aren’t missing out on the perks of having a high balance with one financial institution or having fees eliminated because you have multiple accounts with one bank. You should compare interest rates and fees on all accounts before you make your final decision.
Do you prefer having one savings account, or do you keep your money in several places?
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
CLEAN UK FIRST GRADE CLOTHES, SHOES AND BAGS. Call (07043069364) :::::- Bales of children clothed – N30,500 ,
[*] Bale of Uk used ladies bra – N21,000
[*] Bale Men shirt – N35,000
[*] Bale ladies mixed tops – N35,000
[*] Bale of original shorts – N35,000
[*] Bale of light Sports wear – N40,000
[*] Bale Mens polo/t shirt mix – N40,000
[*] Bale of Ladies mix dresses – N40,000
[*] Bale of Mens shoes – (186 pairs) – N145,300
[*] Children shoes (206 pairs) – N110,000
[*] NOTICE :
Call (07043069364)
[ ] bale of mixed underwear pants
[*] Bale Mixed socks/stockings
[*] bale of leggings
[*] bale of singlets/camisoile are also available.
[*] All items are Tokunbo A grade goods.
[ ] Prices reflected are fixed price.
[*] Items not priced are subject to negotiation
[*] There’s also a 10%discount for customers getting up to 3bales.
GOOD DAY SIR/MA
HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?
RICH CONNECT TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations
RICH CONNECT PACKAGES
N20,000——N40,000
N40,000——N80,000
N50,000——N100,000
N100,000—–N200,000
N150,000—–N350,000
N300,000—–N600,000
N200,000—–N400,000
N400,000—–N800,000
N500,000—–N1,000,000
NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
07046246360
ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly
Contact Mrs. GOODLUCK TIMOTHY
07046246360
NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.
AUCTION AUCTION AUCTION
(07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
FOR SALES,
APPROVED BY THE FEDERAL
GOVERNMENT AT A CHEAPER AND
AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
SHOULD CONTACT ME ON
(07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!
THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
BAGS OF RICE =N10,000
KEG OF OIL=N7,500
CAR FEATURES AND PRICES BELOW
GOLF 1, 2, 3,4 ,5.=N150,000 to=N 500,000
Toyota Camry Big Daddy=N650,000.
Toyota Camry Tiny-Light=N450,000.
Toyota Avensis=N550,000.
Toyota Hilux=N1M
Toyota Avensis=N650,000.
Toyota Camry Muscle=N 600,000. & Spider=N600,000.
Toyota Avalon=N550,000
Toyota Rav4 SUV=N800,000.
Toyota Sienna=N850,000.
Toyota 4Runner=N850,000.
Toyota Tundra=N1.5M
Toyota picnic=N450,000.
Toyota Highlander=N1M.
Toyota Corolla=N550,000.
Toyota Prado=N2M
Toyota LandCruisser=N2.8M.
Toyota Yaris=N500.000.
Toyota Matrix=N450,000.
Toyota Haice Bus=N950,000
Acura MDX =N900,000.
Acura ZDX=N970,000
Acura TL=N850,000.
Honda Pilot=N800,000.
Honda Baby Boy=N650,000.
Honda End of Discusson(EOD)=N550,000.
Honda Odyssey=N800,000.
Honda Accord=N550,000.
Honda CRV=N600,000.
Honda Civic=N500,000.
Infinity Fx35=N1.7m.
Infinity Fx45=N1.2m.
Infinity Qx4=600,000.
Nissan Murano=N700,000.
Nissan Pathinder=N500,000.
Nissan Altima=N500,000.
Nissan Maxima=N450,000.
Nissan Xterra=N600,000.
Nissan Quest=450,000.
Nissan Amanda=N550,000
Lexus Rx330=N750,000.
Lexus Gx460=N1m.
Lesus Rx300= N650,000
Lexus Rx320=N680,000
Lexus Lx650=N500,000.
LexusRx350=N1.2M
LexusGx470=N850,000.
Ford Escape=N700,000.
Ford Explorer=N8500,000.
Land Rover Discovery=N1.9m.
Land Rover Freelander=N1.3
TRUCKS LIKE , VOLVO, MAN AND MERCEDES ARE ALSO AVAILABLE.!!!
, All
VEHICLES ARE IN GOOD
CONDITION, INSTALLMENTAL PAYMENT IS
ALLOWED
WE OFFER DELIVERY TO ALL
36 STATES IN NIGERIA. CONTACT ME ON (07026536478) TO PLACE AN ORDER NOW..
LAVITA RICCA INTERNATIONAL INVESTMENT*
♦️♦️♦️♦️♦️♦️♦️
♦️♦️♦️♦️♦️♦️♦️
*NO MORE EXCUSES*
1. I don’t have money
2. I can’t talk to people
3. I don’t do stuff like this
4. I’m too Busy
Your excuses may be legit but they won’t improve your Life.
• *Lavita Ricca Investment is Fully Registered with with FGN. with RC NO 1582489( For those Who Think Lavita Ricca is Not Registered)* *Contact Administrator Management Mrs. ELIZABETH TINA On *(09036369810)
*Lavita Ricca Investment is a platform network that deal with investing of money just within 45 minutes you will get back your money double*
?phone=+2349036369810
*Lavita Ricca PACKAGE’S*
*N20,000====N40,000*
*N40,000====N80,000*
*N50,000====N100,000*
*N100,000====N200,000*
*N200,000 ====N400,000*
*N400,000====N800,000*
*======== = = ========*
*I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the MMM. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*
*Are u a worker?*
 *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*
 *Are u jobless and u need where u can make source of income?*
 *Lavita Ricca Investment is here for you! With a little amount u can earn and make more more source of income without any problems*
 *Lavita Ricca Investment is a platform network that deal with investing of money just within 45mins you will get back your money double*
*Thank you for your time you can click on the link below to get started, please only serious minded people are expected to message the administrator.🙏
GOOD DAY SIR/MA
HAVE YOU HELD ABOUT RICH CONNECT TRUST INVESTMENT…?
RICH CONNECT TRUST INVESTMENT is a matrix system which give you DOUBLE of your CAPITAL back in ( 45 Minutes ) after Registrations
RICH CONNECT PACKAGES
N20,000——N40,000
N40,000——N80,000
N50,000——N100,000
N100,000—–N200,000
N150,000—–N350,000
N300,000—–N600,000
N200,000—–N400,000
N400,000—–N800,000
N500,000—–N1,000,000
NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
RICH CONNECT TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Okafor Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
07046246360
ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly
Contact Mrs. GOODLUCK TIMOTHY
07046246360
NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.
LAVITA RICCA INTERNATIONAL INVESTMENT*
♦️♦️♦️♦️♦️♦️♦️
♦️♦️♦️♦️♦️♦️♦️
*NO MORE EXCUSES*
1. I don’t have money
2. I can’t talk to people
3. I don’t do stuff like this
4. I’m too Busy
Your excuses may be legit but they won’t improve your Life.
• *Lavita Ricca Investment is Fully Registered with with FGN. with RC NO 1582489( For those Who Think Lavita Ricca is Not Registered)* *Contact Administrator Management Mrs. ELIZABETH TINA On *(09036369810)
*Lavita Ricca Investment is a platform network that deal with investing of money just within 45 minutes you will get back your money double*
?phone=+2349036369810
*Lavita Ricca PACKAGE’S*
*N20,000====N40,000*
*N40,000====N80,000*
*N50,000====N100,000*
*N100,000====N200,000*
*N200,000 ====N400,000*
*N400,000====N800,000*
*======== = = ========*
*I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the MMM. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*
*Are u a worker?*
 *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*
 *Are u jobless and u need where u can make source of income?*
 *Lavita Ricca Investment is here for you! With a little amount u can earn and make more more source of income without any problems*
 *Lavita Ricca Investment is a platform network that deal with investing of money just within 45mins you will get back your money double*
*Thank you for your time you can click on the link below to get started, please only serious minded people are expected to message the administrator.🙏
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration….
CONTACT:- 09036369810.
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly….
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏 🙏..
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration….
CONTACT:- 09036369810.
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏…
*GOOD DAY MA/SIR*
Have you had about *LAVITA RICCA INVESTMENT* ? am not talking about MMM or Ponzi SCHEME
lavita is a matrix system which give you DOUBLE of your CAPITAL back in (45 min) after registration….
CONTACT:- 09036369810.
LAVITA PACKAGES
₦10,000——–₦20,000❌❌❌
₦20,000——–₦40,000
₦40,000——–₦80,000
₦50,000——–₦100,000
₦100,000——₦200,000
₦200,000——₦400,000
₦400,000——₦800,000
₦800,000——₦1,600,000
₦1,000,000—₦2,000,000
NOTE: we credit your account after 45min after registeration.
INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.
CONTACT NAME:- ELIZABETH TINA
HOT LINE:+2349036369810
ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.
+2349036369810
Note:you get credited in less than 45mins.
CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING
NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏 🙏 🙏