When you start earning money, the first thing you do is open a bank account (Savings Account). You deposit your earnings in this account and withdraw money from it when needed. Many people also open multiple accounts in the same bank.
If you are a salaried person, you should keep at least three bank accounts. This can help you save more money and give you better control over your expenses. These three accounts can help you build savings and also provide financial security for the future.
In today’s time of rising prices, many people find that their salary ends before the month is over. If this is happening to you too, then don’t wait—open three separate bank accounts. After this, you will see a clear difference in your savings. Let us now understand which three bank accounts you should open to start saving effectively.
1. Salary Account
If you are working, you should first open a salary account. Your salary will be credited to this account every month. After receiving the money, you should transfer it to other accounts as per your need. This will help you keep track of your total income.
2. Savings Account
After the salary account, you should open a savings account. Transfer some money into it regularly. Try not to withdraw money from this account. Use this account only to save and invest your money. You can also invest this money in a good scheme. It is always advised to invest at least 20% of your income. This will help secure your future.
3. Spend Account
Apart from your salary and savings accounts, you should also open one more account. You can call it a spend account. Transfer money into this account for your monthly expenses. Use it only for your basic needs and daily spending. Try to avoid unnecessary expenses. This will help you control your spending and increase your savings.