Managing different bank accounts for financial growth.
If you are like me and you have several bank accounts without any strategic need for them, then come around because this post is going to be very helpful, but before I begin let me tell you a quick story on how I have lots of bank accounts without any meaningful purpose, and oh one secret, they are almost all empty don't blame me, it's the life of a broke Nigeria student.
In Nigeria, bank staff is mandated to open a specific number of bank accounts on a monthly basis, in order to meet that target, they would plead with people to open accounts, even some of us who have no money to put in it, thankfully, there is a type of account for the student, where you can open without a penny. That explains why I have lots of bank accounts my friends. The case is however different for wealthy people, they usually open different bank accounts for different reasons, either to boost the work level of a bank staff they are trying to support or for some advantage that the bank will be able to offer compared to other banks.
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Usually, bank accounts should be divided into three categories; fixed, savings, and variable expenses. Carefully analyze your earning into these categories, then set up your bank accounts to fit into them respectively.
Right now that I am working on my finance and while putting in the required hard work, I am also putting in the faith in order to ensure that my dreams become validIf you are like me and you have several bank accounts without any strategic need for them, then come around because this post is going to be very helpful, but before I begin let me tell you a quick story on how I have lots of bank accounts without any meaningful purpose, and oh one secret, they are almost all empty don't blame me, it's the life of a broke Nigeria student.
In Nigeria, bank staff is mandated to open a specific number of bank accounts on a monthly basis, in order to meet that target, they would plead with people to open accounts, even some of us who have no money to put in it, thankfully, there is a type of account for the student, where you can open without a penny. That explains why I have lots of bank accounts my friends. The case is however different for wealthy people, they usually open different bank accounts for different reasons, either to boost the work level of a bank staff they are trying to support or for some advantage that the bank will be able to offer compared to other banks.
Usually, bank accounts should be divided into three categories; fixed, savings, and variable expenses. Carefully analyze your earning into these categories, then set up your bank accounts to fit into them respectively.
Right now that I am working on my finance and while putting in the required hard work, I am also putting in the faith in order to ensure that my dreams become valid. Calculate the total of these categories and have it in your fixed expense bank account, this should be there at the end of the month, and will make room for your bills to be paid easily, your total variable cost will be your total spending for the year.
Automatic transfers should be set in place for fund transfers to be done into different categories of accounts created to fulfill different purposes. Each of these accounts fulfilling its different purposes, and you will clearly understand which account you can move funds from and the other one you must not move from.
The level of interest rate given on these bank accounts will make it easy for you to identify where your savings and fixed deposit funds should be, different from the one you are ready to touch at the slightest need.
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