The Credit Union Advantage from Pacific Service Credit Union.
‘How many accounts should I have?’ is a very common question. In the current times, many people have multiple savings accounts. Having more than one account can be very helpful if the use of the bank accounts is planned.
In this article, we will help you understand what is the ideal number of savings accounts, how to organise your bank accounts and the pros and cons of having multiple savings accounts.
Having more than one savings account lets you to segregate your income into various buckets. E.g., you can open a savings account to save money for emergencies or to save money to splurge such as concerts or an expensive purchase.
How to organise different savings accounts
If you want to get your money and finances sorted, earmarking different savings accounts for different uses such savings can simplify your life.
Save for emergencies:
Emergency fund is an essential financial necessity. A sizeable corpus with at least six months of expenses will act as a cushion during emergency situations such as job loss, urgent house repairs or car repairs. It is advisable to build an emergency fund before investing. However, building an emergency fund can take several months. If your focus is on saving money for emergencies, opening a new account to park your money can be a good start.
Decide the percentage of income that you want to save in the emergency fund. Transfer the amount at the start of every month to the new account through Net Banking or Mobile Banking. You can also automate the transfer. Try not to touch the account unless it is urgent.
Segregate expenses and savings into two different accounts:
If you receive your salary in an account, you can use that account to save or invest money. You can transfer the amount you are looking to spend on essentials and luxuries in a different savings account. In this way, you can save a pre-determined amount every month by setting up Systematic Investment Plan(SIP) to invest in Mutual Fund or save money through Recurring Deposit (RD). You can also convert your bonuses to Fixed Deposit (FD) with such a few clicks.
On similar lines, you can open a dedicated savings account for all your savings and investments and link your investments with the account.
Save up money for your splurges:
Do you dream about being in the front row of a rock show or purchase an expensive gadget? If you have long wishlist, opening a savings account to save for your so called ‘frivolous expenses’ will assist you in having a good time without draining your hard-earned money. So, allocate a certain percentage of your monthly income so you can take part in your guilty pleasures without feeling guilty.
Automate your transfers
Banks offer automatic transfers that customers can avail to transfer money from one savings account to other regularly. Set up automatic transfers from your primary account to other accounts so you don’t have to get actively involved in this process. If you don’t see the money, you won’t be tempted to spend the money.
Advantages of Having More than One Savings Account:
Here are some of the advantages of having multiple savings accounts.
Streamline your money: Having multiple savings accounts can help you streamline your expenses and savings, making it easier to track.
Save money: A new bank account can kick start your saving journey. Initially, you may not be confident about saving a certain sum of money regularly. Transfer any amount of money that you are comfortable to test the waters. As life happens, the amount that you can save every month may vary. Even so, it will be better than no savings at all. Moreover, if you are in a dire situation, you don’t have to go up to your friends or parents for financial help as you can easily withdraw from your account.
You can use the saved amount for your emergencies or investments.
Perks: Banks tie ups with various companies to offer discounts to their customers and differentbanks offer a host of different perks. Having more than one account will widen your hunt for the best deals.
Disadvantage of having multiple savings accounts
Maintaining minimum balance: Many savings accounts have a minimum average balance requirement that you need to maintain on a monthly basis. Failing to do so can attract penalties. So, if you have multiple savings account, maintain the minimum balance to avoid penalties.
Conclusion: Having more than one savings account can aid money management. If you are looking at opening a new bank account, you can look at Kotak 811 Zero Balance Savings Account.
Kotak 811 is a digital savings account with no minimum average balance, and you can open the account online at anytime from anywhere with no paperwork.
A payday loan is a savior in many ways. As mentioned earlier, when you need instant cash to support your small needs, a payday loan offers you instant cash and is readily available. Any financial or banking company can provide you with very little information. This way, you do not need to visit the institute multiple times, and you also have to go through the authentication process. Since you need quick support or cash, the other methods don’t seem right for you. Sometimes you have enough savings to buy a new device or thing, but sometimes your expectations rise. Moreover, in any health emergency, payday loans no credit check works best if you do not have health insurance.
Since it’s instant financial support, you won’t get much time to pay it off. Usually, you have to pay because of your next paycheck or salary. Payday loans, no credit check, are not considered for a long period. However, every person or individual has their policies, so you may get some spillover in the push, but even so, this is not taken into consideration in the long run. So, you should think about this before getting the loan. You have a lot of other options for getting financial support; In particular, when you have a good credit score. You can go for others, too, if you find it appropriate.
This is another important thing you should know that the interest on a payday loan sometimes goes up. It depends on several conditions. When you go through a poor credit ranking or record, payday loan lenders will charge higher than normal fees. For this, you should consider payday loans no with credit check and no employment verification to obtain suitable rates. You can find all the other important details on the payday loans website and you can also get a consultation. Many other conditions cause interest rates to rise. Generally speaking, a payday loan is a better option for getting quick cash, but you just have to be a little careful while choosing a lender.
We all are now dealing with the COVID-19 pandemic that has impacted our lives and economic activity throughout the world. Even freelancers, self-employed professionals, and independent contractors are also affected. In such circumstances, the PPP loan amount is a great help. According to a report, the pandemic showed a negative impact on around 80% of independent contractors. The entire situation is confusion creating around the Paycheck Protection Program (PPP) for independent professionals.
One can qualify for a PPP loan when –
- Candidate files Schedule C along with 1040 returns each year.
- Paying workers with 1099 despite W2s.
- If workers are a pain in 1099s, you are still qualified as an independent contractor.
Applying for a PPP loan as an independent contractor
PPP loans are usually given by partner lenders who are actually working with SBA. They can also use Lender Match Tool for identifying a lender near you. For this, it is necessary to submit the documents together with the additional documents needed by the lender. Within ten business days, loans will be issued.
Applying for a PPP loan as a sole proprietor
Self-employed people take loans once in their lifetime to increase their business. Someone with a loan amount under $150,000 can easily apply for PPP loan forgiveness along with Form 3508S. If you are filing this form, then there is no requirement for supply documents or calculations. One thing to be mention here is the total amount spends on loan forgiveness amount and payroll expenses. File the loan forgiveness application with the lender, not with SBA. The lender will further take care of the complete procedure. Within 60 days, you will get the latest updates after filing the forms.
In case the lender rejects the application, he will inform you and allow you to further notifying the SBA. Do apply for SBA review and further inform the lender regarding the same within 30 days.
The summary
So, if you are an independent contractor or self-employed professionals who want to apply for a PPP loan, then our team is ready to help you out while addressing your concerns.
Online trading improved the accessibility of the financial markets, leading to an influx of people who had previously not been able to enter the space due to the restrictions of traditional trading. Since trading has shifted online, a lot of barriers to entry have been eliminated, thereby making it easier for people to take advantage of the available opportunities. But, you will require the services of a broker to get started, as has always been the case, and this means doing some due diligence. There are numerous options available in the market, but all are not created equal.
Therefore, you have to ask some important questions about a brokerage before you choose one. Amongst the many options you will find is Aroxcapital, a forex and CFD broker that was founded in 2018 and is currently operating in 150 countries. You can check Aroxcapital review to find more information about their services and ask some important questions to decide whether it would be a good option or not. But, what questions should you ask? Take a look below:
What assets can you trade?
Before doing anything else, you should take a look at the assets that you can trade via Aroxcapital because if they are not offering access to the markets you are interested in, why bother looking at anything else? Fortunately, a wide array of instruments are available at Aroxcapital and these belong to some of the top financial markets in the world. You can trade in the forex, stocks, indices, cryptocurrencies and commodities market via their platform and enjoy some of the leading instruments they have to offer.
Which trading platform is available?
The trading software used by a broker is relevant because it is the feature used for executing trades in the market. Therefore, it can make a big difference in your overall trading performance. When it comes to Aroxcapital, you will find that they are offering Web Trader to their clients, which saves you from downloading and installing because it is accessed through the browser. You can get quick trade execution, a customized layout and indicators, trading signals, easy-to-use interface, latest market news, an economic calendar and price alerts. Mobile solutions for Android and iOS are also added to allow trading on the go.
Is the platform secure?
The next important question you should ask about Aroxcapital is regarding their security features. You don’t want to leave your personal information or your funds vulnerable to cybercriminals when you entrust a broker with them. Hence, looking at their security infrastructure is of the utmost importance. There is 2FA (two-factor authentication) applicable for protecting your trading account, segregated customer accounts are maintained for security of funds and digital assets are stored in cold storage.
SSL certificates and encryption are also used for keeping all sensitive information safe. Apart from that, Aroxcapital complies with AML (Anti-Money Laundering) and KYC (Know-Your-Customer) security policies, which require proof of identity, residence and payment. This can help in preventing identity theft, financial fraud and money laundering.
How do you register?
Knowing the registration process is also important because you don’t want to waste too much time on it, or have to go through a lot of steps. Aroxcapital has kept the process deliberately simple and easy for its clients and eliminated the need for approval or a lot of paperwork. There is only one form that traders are required to complete and since the information is basic, it doesn’t take more than a few minutes to get it done.
You have to share your first name, last name, email address and password, and phone number and country of residence. You also need to choose your account currency from USD, EUR and GBP. Aroxcapital also asks its clients to confirm they are 18 and to agree to its Terms & Conditions and Privacy Policy, both of which you can find on their website.
The answers to these questions indicate that Aroxcapital can be a good platform for your trading requirements.