7. Bank Accounts: Open Checking and Savings Accounts

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One of the first things you may want to do when you first begin earning an income is to open bank accounts. It is a good way to begin your financial independence. Putting a little money away every month can help you build a savings that can, in time, open new financial doors for you. Money saved can be very useful for a number of different reasons. One of the biggest reasons to have a savings account is that you will have money to draw from if you, or someone you love, have an emergency. It gives you a good feeling to know that you can help if the time ever comes.

Checking accounts allow you to use your money in different ways. Most are tied to a debit card that a person can use just about anywhere. Debit cards are direct withdrawals from your checking account that are accepted just about everywhere. You can also write a check in any amount that is covered by your checking account balance. Most places of business, schools and government agencies accept checks. The United States Government insures most savings and checking accounts opened in banks, so your money is safer in a bank than it is saving it at home.

Not only you want to open checking and savings accounts, you want to open the right account for you. Financial institutions will help you save your money and grow your wealth in different ways. Some pay more interest than others. Others give the saver rewards that can be redeemed in several different ways. Some banks have higher fees than others. In any event, the best way to find a bank is by doing a little research before you commit to a bank.

          




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