When I'm Opening My Account, Is There Anything Else I Should Be Doing?
Actually there's one other thing you should do while you're at the bank which is even more important than opening your checking account.
More important than opening the checking account: open a savings account.
A savings account is where you stash money for your future and for emergencies.
Savings accounts usually pay more interest than any checking account.
"Link" your savings account to your checking account.
- "Linking" your account means you can easily transfer money from your checking to your savings account.
- "Linking" your account means you can also in a emergency transfer money from your savings account to your checking account.
Become a "Saver," not just a "Spender."
Unless you were born with tons of money, you have three choices in life:
- Live paycheck to paycheck. That can get a bit scary. (I'll bet you know someone who lives that way. It can be tough.)
- Borrow money to live. Hey, it's worse. Borrowing all the time to live means you're living paycheck to paycheck and you owe strangers money who aren't nice if you don't pay them back.
- Become a lifelong saver of money. Less pressure! Fewer bills to pay back! No fear of a bill collector's phone call.