Ever wondered how many bank accounts you should have? In today's video, I break down 5 bank accounts you should have and 2 runners up. These are all accounts I find are beneficial and here’s why:

Bank account 1: A Normal Checking Account with Direct Deposit
This is where most of your normal spending will happen so it’s good to have direct deposit set up with this account. I like to ensure it has access to lots of ATMs. Mobile check deposit is good for this. And I want to ensure this is FDIC insured just like every one of these accounts should be.

Bank account 2: A Secondary Checking Account for Backup
I personally like having a secondary checking account at a different bank. This is just in case something happens to the first bank account, whether fraudulent activity or some other issue. I just like to have access to at least some funds just in case.

Bank account 3: A Primary Savings Account for Your Emergency Fund
I like this to be a separate savings account only for the emergency fund. That way, it minimizes the chances of you using these funds for anything but an emergency. Make sure this is a high yield account!

Bank account 4: A Secondary Savings Account for other savings
The savings account is an excellent way to separate your savings from your spending and even from your emergency fund. Do this to minimize the chances of using all your money on frivolous expenses! This is what I would use for the other savings funds like maybe a home downpayment or a car!

Bank account 5: A Business Account
If you have a side business, get a business bank account instead of keeping those funds combined. Don't combine business and personal expenses because it will be much easier to track your business if it's separate. Especially for taxes. You’ll get a tax break on business expenses, and you can’t track that as easily without a business account.

Bank account 6: A Giving Account
I love keeping our giving money separate from our other money because it keeps us accountable to giving. I separate a set percentage of each payday and then we have that money to give to any organizations we want to. And it’s easier to track for tax purposes because when you’re preparing your taxes, you’ll have an easy way of finding quickly exactly where you gave.

Bank account 7: A Tax Account
This can be for personal or business. Then you'll have it ready for when your tax bill comes due. Same for paying estimated quarterly taxes! I just love having a tax account because it minimizes the chances we’ll get blindsided by tax season when it comes.

Timestamps:
0:00 - Intro
0:48 - Bank Account 1: Primary Checking
1:37 - Bank Account 2: Secondary Checking
2:13 - Bank Account 3: Emergency Savings
3:16 - Bank Account 4: Secondary Savings
3:46 - Bank Account 5: Business
4:24 - Bank Account 6: Giving
4:56 - Bank Account 7: Taxes

#personalfinance #controlspending #bankaccounts

📒 Notes and Resources 📒

⚡️MY FAVORITE DEBIT CARDS⚡️
🎬Discover Cashback Debit Card Review:    • Discover CASHBACK DEBIT Card Review /...  

⚡️BEST FINTECH REVIEWS⚡️
🎬Best Budget Apps!    • BEST Budget Apps of 2022! Everydollar...  
🎬Best Cashback Debit Cards!    • Best CASHBACK Rewards Debit Cards of ...  
🎬Best Bank Accounts to Fight Inflation:    • BEST Banking Interest Rates I'm Using...  

⚡️GET FINANCIAL COACHING⚡️
If you need some help with getting your debt worked out, set up a session with me. I legitimately want to help. www.balefinancialcoaching.com

⚡️FOR INQUIRIES⚡️
For business and coaching inquiries, hit me up:
[email protected]

⚡️CHECK OUT THE BLOG⚡️
http://balefinancialcoaching.com/blog/

⚡️DISCLAIMER⚡️
Do your own research. My content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional financial advisor when considering your retirement options. Though I teach financial principals, I am not an investment advisor and none of my advice constitutes legal, tax, or investment as a professional. Everything I share is based on my own research and is intended for your benefit. Any financial technology reviews are intended for your benefit. Research each product yourself to determine if they are right for you.

⚡️DOWNLOAD MY FREE KINDLE BOOK⚡️
Graduated and Clueless: How to live like an adult when life is confusing
https://www.amazon.com/Graduated-Clue...

⚡️EQUIPMENT I USE⚡️
This is the equipment I use with Amazon affiliate links. If you choose to purchase anything using these links, you will not be charged anything financially, but will be able to support my channel in a small way!

Sony A7S II: https://amzn.to/38PM8Sl
Neewer 660 LED bicolor lights: https://amzn.to/3o4KB1a
Rokinon 12 mm lens: https://amzn.to/38Qpauy
Magnus VT 4000 tripod: https://amzn.to/3aXmNsj
Rode Video Mic: https://amzn.to/3b0nfWI