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4 BANK ACCOUNTS YOUR FAMILY NEEDS

Is talking about bank accounts sexy? No, but I promise if you follow my tips you’ll be able to create wealth with less. Plus you’ll feel good when you look at your bank accounts instead of feeling like someone just sucker-punched you in the stomach when you weren’t paying attention.

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Remember, my family mismanaged their wealth for generations and lost millions. And even though I come from a long line of highly-educated and cultured women, none of them were financially savvy. When I married my husband (a guy from the hood), I knew we were going to need to hit the finance books if we wanted to end the cycle of financial illiteracy. So we listened to finance book after finance book and this is what we learned: WEALTH IS NOT COMPLICATED. It’s actually really simple.

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Building wealth is something everyone wants. It’s kind of like how everyone wants to be in incredible shape, but no one wants to eat healthy or work-out. Building wealth on any income is really SIMPLE, following through is the hard part. So don’t just read about these 4 bank accounts, go open these 4 accounts because it will help you so much!!!

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4 BANK ACCOUNTS YOUR FAMILY NEEDS

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1. Checking Account

This is your main account. This is where you’ll deposit all of your money and pay all of your bills. If you’re married, you’ll want to have one joint account. Want to build wealth without being on the same page as your spouse? Good luck, let me know how that goes for you. 

Account Rules:

Deposit all money here

Put all bills on auto-pay

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2. Emergency Account

This is for EMERGENCIES only. Losing your job is an emergency. Christmas gifts are not an emergency. Car repairs are not an emergency. Buying clothes is not an emergency. Vacations are not an emergency. Pretend this account does not exist and only use it if you are in a life or death emergency. 

Account Rules:

If you are in debt keep $1,000 here 

If you are not in debt keep 6 months of living expenses here

DO NOT TOUCH THIS MONEY UNLESS AN EMERGENCY!

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3. Savings Account

This is for all big expenses (whether planned or unplanned) that do not happen each month. For example, new furniture, vacation, weddings, house down payments, new car fund, home repairs, car repairs, tax payments, etc.

Account Rules:

If you are in debt keep $1,000 here

If you are not in debt keep at least 20% of income here

ONLY TOUCH THIS MONEY IF YOU HAVE PLANNED AHEAD!

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4. Health Savings Account

This is a tax-free savings account for medical expenses. You’ll want to read about HSA accounts in your state to see if this is a good option for you. We have one and like it, but we are also a young, healthy family who does not go to the doctor very often. 

Account Rules:

Deposit up to your annual contribution limit

Read the fine print on HSA accounts

USE THIS MONEY FOR ANY MEDICAL EXPENSES TAX-FREE!

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Want to create wealth with less? Follow these simple guides:

The Ultimate Guide to Budgeting

The Ultimate Guide to Getting Out of Debt

The Ultimate Guide to Retirement

The Ultimate Guide to Saving for Kid’s College

Cristina Neal

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