How Much Money Do You Keep In The Bank and For What?
Whether you like it or not, you need to use banking services sometimes. If someone or an institution accepts money in their bank, you have to make a payment using the banking service. You cannot change everything in society and the existing financial system.
It is common to use a debit card or credit card. It also gets faster to make a transaction with cards. You don't have to carry cash with you. Having a debit card is enough. You have money in the bank account, you are good to go.
Everyone's requirement is different. Based on that, you can decide how much money you will keep in the bank and for what. You need money to make different transactions. You have to keep enough money in the checking account for that.
You want to keep some money separate that you don't need now, but you may need that any time in the future. You will get little interest in having your money in the savings account, although that's negligible.
It is not a good sign if you have too much money in the bank. People may say it is better to keep money in the bank for security reasons. It is safe in the bank. You should not keep cash that much at home.
By the way, when we are talking about security, you may get safety and security from the bank. But they can put restrictions on your account at any time. You may lose access or get limited access to your account. Things like that happened and people suffer a lot because of that. People who keep their money in the bank cannot get full access, then sometimes they take extreme action to get their money back.
You are losing money if you just keep it in the bank. You can get interest but that is not more than the inflation rate. While the inflation rate is double-digit, you get little single-digit interest. It will not compensate for what you lose consistently.
You have to invest your money. Maybe you keep money in the bank to make investments in time. You have a specific purpose. That's good. You need to build your assets. Your assets will appreciate over time. Fiat currency always depreciates in value. You will not be able to buy the same thing with the same amount of money in the future.
You have to decide how much money you will keep in the bank and how much money you will invest for the short time as well as the long term. Having a balance will help you improve your financial situation. You can ensure your financial stability and security.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Hi, I am Rezoanul Vibes. I'm a content creator and passionate learner. I write about lifestyle, finance, martial arts, and digital marketing. I'm glad to meet amazing people all over the world.
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Posted Using LeoFinance Beta
I tend to keep some liquid cash. My budget includes about $100/mo as a buffer to avoid being crunched when surprise expenses pop up. As the balance grows, I will use the extra to make extra payments. Although I rarely use cash anymore, having extra cash in the bank also helps for those few instances in which I need to pull cash from the ATM.
I mostly spend on credit cards. Then I dump my paychecks into the credit cards.
When you track how much money you are spending, it gives you information on how much money you need to do different transactions.
Posted Using LeoFinance Beta
It is always advisable to keep liquid amount in savings for emergency purposes.
From the story of the lady, we can learn a lesson and not to put all of our money in locked savings. Anyways, the interest rate cannot even keep up with inflation. 😊
!1UP
Absolutely. You will not have any problem when you maintain the balance in your account.
Posted Using LeoFinance Beta
Last time I was look some 6 months back I had 0.55 cents there
The bank is going to be upset to see that. ;)
Posted Using LeoFinance Beta
I don't care, I do same ...just as they don't care how people live , I not care there bisnes more :))
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