About Me

Setting A Realistic Budget

When I decided to budget a little more carefully, I had no idea how difficult it would be. Fortunately, I was able to talk with a few financial advisors who were able to point me in the right direction. One of the best pieces of advice I received was about setting a realistic budget. I learned how to effectively manage my money, so that I didn't have to worry about paying my bills or letting my accounts overdraft. This blog is designed to help people like me who have previously struggled with money. Check out these articles for financial advice that might help you to set a realistic budget.

Setting A Realistic Budget

Tips For Opening A Banking Account

by Leo Austin

Right now, a shocking 1.7 billion adults do not have a banking account . This means that their money isn't secured by protections like Federal Deposit Insurance Corporation (FDIC) insurance, and that they don't have a central location to keep track of things. People that don't bank also won't earn any interest on the dollars that they do bring in. 

With this in mind, you should consider these tips below as you look to open up a banking account. 

Have goals for your banking account

Where do you see your financial life in the next 5 years? Having this vision will help you set goals to get there. For example, there are close to 31 million small businesses in operation right now. Perhaps you have a goal of opening your own and require some seed money to get started. Other people might want to save for a house, or just want to put together an emergency fund. 

Search for the models and rates that will help you achieve your goals

Once you've outlined your goals, start looking for companies that offer banking accounts that will help achieve those goals. Many banking accounts offer cashback and bonuses based on where you shop. If your purpose is to use the account for business, you would want a business checking account with helpful features. 

Always look at the bank account prospectus so that you know how much you are being charged and why. For example, many banks charge monthly service fees between $12 and $25, along with overdraft fees of approximately $35. 

Look for the technology and customer service features that will also make your financial life easier. A bank with overdraft protection, for instance, will save you a lot of money in the long-run since you won't have to worry about substantial fees. Make sure that the bank also has a user-friendly app that you can download and use whenever you want to make transactions or keep track of your money. Things like putting your bills on auto-pay will also help you to take control of your financial life.  

Further, choose a bank that has stellar customer service and fraud protection so you can get someone on the phone or an online chat around the clock. Their consumer reports will clue you in on which banks are customer-friendly and which cut corners. 

Consider these tips when you're trying to open a banking account.