7 Must Have Accounts For Goal Driven Women
There are seven bank accounts that every woman must have to become financially independent. You don’t hear much about these accounts which is very unfortunate. I had to learn the hard way that each account is necessary and without them, it can become difficult to manage your money properly. Even if you can’t go to the bank and open up all of these accounts do to bank fees, get a glass jar, shoe box, or brown paper bag and start saving your money. I want to share these seven accounts with you because I want you to level up financially and get to a place where you have the money you need to do whatever it is your heart desires. Here are the 7 must have accounts for goal driven women.
Bills, Bills, Bills Account. This account is specifically for all of your household and personal bills. Rent/Mortgage, food, lights, gas, water, cable, internet, cell phone, credit cards, insurance, and any other household bill not mentioned that is specific to your home. You should have one account for this so that you don’t have to worry about paying bills from your other bank accounts. You can have an automatic debit set up so that your bills come out automatically without you having to remind yourself to pay it, and risk it being late or not paying it at all.
Emergency Fund. The emergency fund account should consist of 6-12 months’ worth of income. Depending on your financial situation, you can start with 1% of your earnings and go all the way up to 20%. This account is specifically for emergencies like car trouble, loss of job, or any unexpected expense. If you make $5,000 a month, this account should have $30,000-$60,000 saved. That’s six to twelve months of income. If you can do more, great! If not, do what you can. When I was establishing my emergency fund, my goal was to save $1000 as fast as I could. This let me know that saving is possible. Start with $1000, then save 1%- 20% until you have a year worth of income saved.
Short Term Savings Account. Your short-term savings is the account you use for your short-term goals. If you are looking to finance a car and need a down payment, this is a good account for that. You can also use this account to save up for a vacation. Whether it be a girls trip or a family vacation this short term savings will give you the room to do just that, save.
House Account. If you own a home or you are looking to own a home this account is a must have. You may qualify for a loan that requires you to put down little to no money. However, if you don’t you are looking at having to save 20% for the down payment. You can use this account to help save for the deposit. If you already have a home, I’m sure you are aware of the expenses. To properly plan for the expenses that come along with owning a home, starting a house account would be very beneficial. It will keep you from going into your emergency fund and it will keep you from disappointing your family by having to cancel that vacation due to an unexpected house expense.
Long Term Savings Account. Long-term savings are the best when saving for retirement. It is best that you have a retirement account set up so that you know what is going into the account and can keep track of it. Many people depend on their employer for their retirement plan, which is fine but make sure you have one that you’ve set up with a retirement specialist. You don’t know if you will be retiring on good terms like completing 25 years of service at your job or unfortunate terms such as being sick and forced to retire. Have one set up so that you will know what the future holds for you. It makes me sad when I see elderly people that still have to work because they didn’t save enough money to retire properly. Don’t let this be you!
Self Care Account. You hear me say all of the time that self-care is not selfish. It’s smart, sexy, and necessary. So with that being said I have to recommend that you have a self-care account. This account can be used for haircuts, nails, massages, hair extensions, a biweekly or monthly outing with friends or by yourself. Whatever you need to keep you feeling good and looking even better. What I have done is put together a self-care list that consist of all the things I need to do to keep me at my best. Once I got that amount, I make sure that I have that saved every month to do the things I need to do for me. If that’s not self love I don’t know what is!
It’s Better To Give Account. I know you have heard the saying it’s better to give then to receive. Well that’s what this account is for. If you attend a faith based organization and are required to pay tithe, this is a great account for that. I know other people who just save 10% of their earning and when friends and family ask for money they take it from this account. Their analogy behind it is that they are not looking to get the money back from them because most of the time when people say they want to borrow the money they never return it anyway. By doing it this way you wont have to take from you bill, emergency, short term, or self care account to help someone who may be in need. If they give it back, great! You can put it back in your account for someone else who may be in need of a helping hand.
If you don't have at least 4 out of 7 of these accounts, you must start them immediately. Then move forward to getting the other three. These accounts will help you save for life's planned events, the unknown, retirement, and so much more. Share this information with your friends and family so that they can understand the importance of these accounts and how to apply them to there life.
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