4 Bank Accounts Every Family Should Have

4 Bank Accounts Every Family Should Have

4 Bank Accounts Every Family Should Have

Life can be challenging enough, so when it comes to managing your family’s finances, the goal is to make it as easy as possible! One great way to make sure everything stays organized is by setting up multiple bank accounts. To help you out, we’ve come up with a list of bank accounts that we think every family should have:

Joint Checking Account for Bills: One bank account that your family needs should just be dedicated to bills. Put a fixed amount of money into this account for all utility bills. This way, it is a lot easier to track how much you are spending on each month. Never take money out of this account unless you are paying bills. If your utilities are less expensive one month, the leftover money can be used toward future bills that may be more expensive like your oil bill in the winter.

Health Savings Account: Health care expenses can add up very quickly. Accidents and emergencies are always unexpected and they can often put a burden on your finances so it’s important to set aside money in case this happens to you or your family. When a family member is hurt, the last thing you want to do is have to worry about how you are going to pay for it. This account is good to use in case of any medical emergency but it can also be used for anything from prescriptions to co-pays.

All Purpose Checking Account: This is the account that you can use on an everyday basis. It’s a great idea to have a debit card linked to this account for expenses like grocery shopping, gas, or takeout.

Emergency Savings: This account is for home/vehicle repairs or in the unfortunate case of a job loss. We all hope we never have to use it, but emergencies happen and it will make life a whole lot easier when you are prepared. Set aside money into this account every month to prepare for unexpected emergencies. The goal is to have at least a few months’ salary in this account. If you ever have to tap into this account, you will be thankful you planned ahead.  

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