As discussed in my previous post, "Where is the best place to put your money?", the first financial vehicle a person should have is a bank account.
Your bank account should be able to shoulder your daily expenses and should also have your stand-by emergency fund. Your emergency fund should be more or less be 3x your monthly salary. The purpose of your emergency fund is for you to be able to sustain your basic needs and lifestyle for 3 months just in case you lose your main source of income.
After knowing the importance of having a bank account, next question is to which bank will you open an account.
Your bank account should be able to shoulder your daily expenses and should also have your stand-by emergency fund. Your emergency fund should be more or less be 3x your monthly salary. The purpose of your emergency fund is for you to be able to sustain your basic needs and lifestyle for 3 months just in case you lose your main source of income.
After knowing the importance of having a bank account, next question is to which bank will you open an account.
Image courtesy of Stuart Miles / FreeDigitalPhotos.net |