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When trying to figure out your finances, you may find that you have one fatal flaw that you had never thought of before. If you keep all of your money in just one bank account, you are making a financial mistake. It makes good sense to break your money up into different accounts.
It seems like common sense to at least have a checking and savings account. Many people, though, do not have both. If you are trying to save money, you will find that this process is hindered if you have constant easy access to all of your money. In fact, you may find that you quickly run out, and need to start looking into payday loans. In that case, you might want to check out Payday One.
If you have money in different accounts you can “forget” about a portion of it. As the saying goes, “out of sight, out of mind.” This makes for a much better environment for saving.
You may find yourself trying to save for different things. For example, you may have an emergency cash fund, but also may be trying to save for an upcoming vacation. If this is the case, it could be beneficial to have multiple savings accounts – one for each thing that you are saving for.
Though you don’t have to run out and open a huge number of bank accounts, keep in mind that the better portioned your money is, the more likely you are to save and keep to your budget. When looking at new accounts, don’t forget to look at minimum amounts, fees, and interest rates.