Elizabethtown, Kentucky
651 W Dixie Ave
Elizabethtown, KY 42701
(270) 765-4072

Why Having Multiple Checking Accounts Is a Savvy Financial Move March 27, 2018

Elizabethtown, Hardin
Why Having Multiple Checking Accounts Is a Savvy Financial Move, Elizabethtown, Kentucky

One of the keys to long-term financial success is directing resources to each of your financial goals and keeping those funds separated. Otherwise, it becomes too easy to dip into your vacation funds if the car breaks down, and you can make other small errors that create even more financial confusion. Maintaining separate checking accounts for these important purposes can help you stay on track and simplify your monthly budgeting.

How Multiple Checking Accounts Can Simplify Your Budgeting

The Wisdom of Dividing Your Money

checking accountWhether you’re saving for a new car or any other luxury expense, achieving those dreams takes some discipline. Even if you’re trying to save, however, having all of your money in one account can make it hard to calculate how much you actually have. With a separate checking account dedicated to each of your goals, you’ll always know exactly where you stand and won’t be as tempted to spend your emergency savings on restaurants or household bills.

How Many Checking Accounts Do You Need?

Of course, you’ll need your primary account, which you’ll use to pay your day-to-day expenses, like food, housing, and utility bills. Next, open another account to pay for car repairs, household emergencies, and other unexpected expenses that can ruin your budget. Your last checking account should be dedicated to travel, luxury purchases, or any other long-term goals you’re working toward.

 

If you’re looking for an established local bank dedicated to helping their clients achieve their dreams, look to Magnolia Bank, with locations throughout Elizabethtown, Hodgenville, and Magnolia, KY. This local institution prides themselves on having a personal way with their clients while offering mobile banking and all the other advantages of a major national chain. Visit their website now to find your nearest location and follow their Facebook now for regular news and updates.

Other Announcements, Events and Deals from Magnolia Bank
A Local Bank Offers Debt Do’s & Don’ts, Elizabethtown, Kentucky
If you’re faced with a mountain of debt, you might feel stuck without any real options at your disposal. Fortunately, knowing what to do (and what not to do) is the first step toward...read more
3 Tips for Successfully Building a New Home, Elizabethtown, Kentucky
Building a new house is the perfect way to own the home of your dreams, allowing you to tailor your space to match your lifestyle and personal tastes. However, new construction is su...read more
What Buyers Should Know About FHA Mortgage Loans, Elizabethtown, Kentucky
If you dream of owning your own home, the difficulty of saving the down payment and qualifying for a mortgage loan may seem utterly impossible. Fortunately, the Federal Housing Autho...read more
The Importance of Online Banking, Elizabethtown, Kentucky
As the world transitions daily functions such as balancing their checkbooks and transferring money between accounts online, the importance of online banking increases. Consumers crav...read more