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Effective Bank Account Tips For People Below 30

Most people under the age of thirty plan a lot of things during this age, but fail to secure their finances for their future. Saving becomes a burden as expenses are never ending. There would be a lot of advices coming from the older generation regarding the same, but it’s given a deaf ear. So here are few advices that will help you sort your finances and secure your future.

Know your bank account well
There are checking accounts, savings accounts and some other accounts where you can save and get access to your funds. But the correct balance needs to be maintained between these accounts, otherwise unnecessary charges would be levied over you. It is of no use, for example, to have 3 or 4 credit card accounts and just one bank account. Local banks can be used to have free checking accounts, while interest-yielding checking accounts are available as well.

Systematic savings
As soon as the paycheck gets deposited into the checking account, an automatic debit system can be setup to transfer a certain amount of money the same day into your savings account. This will help you save on a lot for any future emergencies. If you wait to complete all your monthly fixed and discretionary expenses before putting away your savings, then you can rest assured that you might miss on a lot of savings. Unless you set up an automatic payment instruction, this will never happen. Once you have done this, you will see the power of compounding, and your corpus would have grown to a good amount.

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Budget for 3 types of savings
Make sure you three different accounts for different purposes. The first is for regular and fixed expenses which are done every month. It may increase or decrease by 10%. The second is for short-term expenses like a vacation, buying a new gadget or other small expenses. The third type is for long-term savings for the biggest expenses like buying a house, a car, etc. Ideally, all three of these should be held in three different accounts, so that you can track the them separately.

Smart use of credit cards
There are two main advantages of using credit cards. Credit cards should be used smartly, if it’s not channelized well, it can turn into a liability soon. The first advantage is that credit cards come with reward points which can be redeemed for attractive gifts or travel. The second advantage (if you have multiple cards) is to have the billing cycle of each card falls on the third or fourth of each month, depending on how many cards you have. As soon as the billing date of credit card is nearing, you start using that card for the next 10-15 days and then take out the next card whose billing date is crossed. If you try to use a credit card within the first ten days of its billing date, then you get the maximum time to pay those dues without incurring any interest.

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