This person in the video says that you should have three accounts: One for deposits, one for bills, and another one for savings. This may not be entirely necessary, since a lot of people pay their bills out of the account that has direct deposit. Some other accounts you may want to consider are investment accounts or an account for your small business. Since we believe that every person of color should have their own business, that last account is an important one.
But here’s more, from YouTube. Take a look:
B Money Challenge: Day 11
Week 2: Budgeting & Savings
Today’s easy, financial task: Open Multiple Bank Accounts
– The 3 accounts you should have
o Deposit Account: A checking account where all of the money you make, is deposited. It’s attached to your debit card.
o Bills Account: A checking account where you separate your money for bills weekly, bi-weekly or monthly
o Savings Account/MMA: An online savings account where you put your emergency savings. You can and should have multiple Savings Accounts for different things.