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One of the hardest things for people to comprehend is having an account just for spend money. It is a new concept to most people probably because until recently banks made this almost impossible by creating low balance fees. They also have made a lot of money on overdraft fees due to spend money and bill money sharing an account. Most banks still have these fees in place, but some banks are getting away from this trend to attract new costumers. Budgeting your money becomes so much easier once you separate your bill money and savings from your spend money. The less thinking you have to do about your money the less stressful your life will be. Open up your spend money account and savings account. If you want to make it easy, go to ING Direct, and open up the accounts without getting out of your chair. This site is not for ING's benefit, but there are some real advantages to using ING Direct such as no minimum balance and no overdraft fees. Click here to learn about more advantages to using ING. If you decide to use all standard accounts, I recommend looking around for a bank that does not charge a minimum balance fee. Your spend account should be able to drop to zero without getting bank charges. I also recommend putting these two accounts into a separate bank from your primary checking account. It is best if you learn to just ignore your primary checking account until it is time to pay the bills. At this point while you are waiting for your accounts to be created you can skip step three and go to step four; Set up electronic bill pay. |
Spend Money Account |