Advantages of Multiple Savings Accounts
A tool that I have recently learned to use is the ability to have multiple savings accounts at my local bank.
I used to have only two accounts. I had my checking for day to day stuff and receiving my pay checks and automatic withdrawals. I would then move a few bucks every once in awhile into my savings account to garner a tiny bit of interest and act as a little savings area.
But now I have 4 savings accounts along with my checking one. It is a great way to section off money that is intended for different purposes. I have accounts to hold safety deposits for rental properties, a savings account to just put extra cash, and another one for special purposes. It makes it way easier to organize and budget and the best thing is that is free.
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Original Post: Sunday, August 10th, 2008
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