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How do you manage your fund in the bank

Discussion in 'BlackHat Lounge' started by IMNeolution, Aug 20, 2012.

  1. IMNeolution

    IMNeolution BANNED BANNED

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    Hello,

    Let's say you want to buy a home or car and you are saving money for it, and you want to have a separate account for saving the money just for the car/house, do we have to go to the bank and create new account or is there grouping features etc so we can create groups and divide money into many groups within my bank account.Any ideas , how do you do it.

    Thanks
     
  2. Autumn

    Autumn Elite Member

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    Just open a new account... Your bank probably has some kind of account where there are little or no fees as long as all the transactions are electronic, you do less than x transactions per month, you keep a minimum balance in there etc.

    For my personal finances I have accounts for:
    * every day checking account that lets me deposit cash cheaply
    * "electronic" account for electronic transactions only and to fund my Visa / Mastercard debit cards
    * emergency fund in a savings account (I never ever touch this)
    * long term savings (I never touch this unless I am transferring money out to invest in something else)
    * short term savings for smaller goals like computers, cars, travel etc. - once I reach the target I'll empty the account, buy the thing in question, then start again for the next thing

    There are no fees for the electronic account and no fees for the savings accounts unless I withdraw money. Your bank will vary of course.
     
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