No matter how much you are earning, everyone faces the problem of managing money. Even if that work is more or less work. Do you also face some difficulty in managing money? Usually, most people know it. And in fact, not everyone even talks about it. Just blow as much as you can, doing this may be okay for some time but in the long run you will start to see a lot of difference from it. If it has been 5 years since you have been working and you have not saved anything yet. And on the other hand, if you keep your salary at 10% for 5 years then imagine how much you will have.
The amount here may not be that much at first but still, it is a lot from nothing. And if your salary increases every year, your 10% will also increase accordingly. But very few of us think like this, and those who think about it also save. Even if you are not able to enjoy much money, you still form a habit and this is very important.
Many people do different things to save their money. Sometimes it comes in handy and sometimes not but most of the buyers have found that it is a very easy and reliable way to save money. According to you, should we open one bank account or more than one?
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Earlier my thinking was different, I also considered it better to open only one bank account. But as we progress in life, we learn many things. Yes, if you have more than one say, then you have to pay maintenance fees, ATM fees, SMS charges, and other charges for all of them throughout the year. But it also has its benefits. If you have only one bank account, then all your money transactions will take place in this account, and with this, you will always know how much money is left in your account.
And this is also good in a way, that you do not need to check other accounts again and again, everything is available in one place. But it also has its disadvantages, I don't know about you but I think so. If you have only one bank account and there is some money in it, then sometimes you feel like buying something. Whenever we see money, we feel nauseous, and most of the time we buy things that we don't even need that much. We even lose all the money we earn just for a few moments of happiness.
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Whereas if you have more than one account then it has many benefits. Firstly, you will not get time again and again to go and check every account. Suppose you are getting time, but create an account that you use very rarely and just use it to transfer money from your account to that account. If possible, neither make him an ATM account nor online net banking or any checkbook. There are many benefits of doing this, first of all, your attention will not be diverted to it and when you look at it after years, you will see that there is something lying there.
You have to use that second account only for depositing money and I think that by doing this you can make a lot of money. If you do this for a few years, you will get used to all this. But it is not a good idea to leave the money as it is, already your savings account gives you two to four percent annual return. Still, not much happened. After depositing money continuously for 1 year, you can go to the bank and get an option called auto swap turned on in your account. It has no disadvantages but has many benefits.
By doing this, whatever amount is lying in your account will automatically become an FD, either for a year or for 6 months. And the interest rate of HD is almost double that of a savings account. Some banks even give a 7% annual return and this is quite good.
So here I believe that having more than one account is a good thing, some people even keep more accounts so that they can use those accounts for other things. Some people create a separate account for online shopping, a separate account for savings, and a separate account for salary. There is also an advantage of doing this as you can avoid online fraud. Nowadays, times are going very bad and in such a situation it is very difficult to keep yourself safe all the time, so you are the only one who can protect yourself. So how many bank accounts do you have? I used to have three and now have two.
I can say from experience that I used to save more money when I had three accounts. Since I closed the third account my savings have also reduced, so now I am opening another account again. I am trying, maybe it will become operational from next month but I will not open any facilities in it, so that money will be safe, I think, rest let's see what happens.
see you in the next post, till then Keep learning and keep exploring...
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