TYPES OF ACCOUNTS AND CARDS YOU SHOULD HAVE $$$
TYPES OF ACCOUNTS/CARDS YOU NEED
1) Online and Mobile Banking:
Many people have issues saving money because they have too much access. Too much access to their money, bank accounts and credit. By getting a savings account with a ATM free bank will literally force you to save, you will send money but have more trouble withdrawing money. Large amounts of money need a few days to process and there is a fee when withdrawing. This account will force you to save and give you a few days to think about withdrawing money.
2) High Interest Saving Accounts:
High interest savings account are key to optimize your savings. Gaining free money every month simply by maintaining and increasing your savings is optimal. Its a free reward that will motivate you to keep saving. If you keep removing money out of this savings account it will also bite you in the ass because you will get charged monthly for lowering your savings. This is just another way to keep you focused and accountable.Why not make money from just leaving your money alone? Save and Optimize.
3) Travel Points Credit Card: Those who know me know that I travel A LOT. I travel internationally about 2-3 times a year and try to make it somewhere in North America at least once a year. If you know spend a lot of money on travel, use a points or travel card. I spent about $2,000 a month on bills and lifestyle, this will help me gain points (approx.$5-10/per month). This might not sound like much, but $10x12 is $120, which is also a flight to New York. I'm currently saving all my travel points for my future honeymoon. Imagine, three years from now having almost $400 of free money for a trip!
4) Cash Back Credit Card:
Focus on optimizing your money and get rewards back when you spend. If you don't travel, get a card that allows you to gain points when you spend.Gain points that you can use to pay off your visa, or use your points to buy dinner at participating restaurants.
All in all, you should be gaining something when you spend!
Don't spend for no reason!
All the best,
-Coll