There is no agreement among money managers as to how many bank accounts an individual or family should have. Experts have to come up with various numbers.
According to funcheaporfree.com, they are five account every family must have if seek to manage their finances effectively.
Most families have one savings account and one current account. This has been the norm since dinosaurs roamed the earth. While it works well for many, it is believed that having only one or two bank account can make it harder to keep track of your money.
The fact is, most families statistically have trouble making and keeping a budget. This means that the system may just not work that well.
Below are five bank account every family must have, according to funcheaporfree.com
- Family emergency savings
As a rule, 20 per cent of your income should automatically go into saving each month, and this is the ultimate account for your savings. As a rule, this account is for absolute, dire