Navigating the world of personal finance can be difficult at first, especially because of all the conflicting advice you might stumble across. And one piece of advice that you may hear conflicting information about is how many savings accounts you should have.
On one hand, some will argue that you should keep your finances as simple as possible. Therefore they recommend you not have more than one checking or savings account. While I agree that shouldn’t make personal finance any more complicated than it already is, there are certain cases where you should have more than one checking account, and everyone should have more than one savings account.
3 Savings Accounts to Have
Keeping track of more than one savings account shouldn’t be difficult because a savings account won’t have many transactions running through it each month. After all, the point of a savings account is to hold your money until you need it, not to make daily transactions like a checking account.
Most people can get away with having 3 different types of savings accounts, although some personal finance bloggers recommend more.
Here are the three basic types of savings accounts that you should be putting money into every month: [Read more…]