‘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.

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. 

Applying for a home loan is one of the most significant decisions of a lifetime. Deciding on the lender and getting a pre-approval to go house shopping is crucial to a successful future. Keep five important factors in mind when applying for a home loan.

Amount of the Down Payment

Applicants must consider how much money is on hand for a down payment on a house. The more cash available for a down payment, the lower the monthly mortgage payments will be for a mortgage. However, there are viable options for people who have less money for a down payment and the ability to cover a higher monthly home loan payment. Saving a down payment is one way to get competitive home loan terms and qualify to purchase a good home.

Credit History and Score

Consumers with a good or excellent credit score typically get better interest rates on loans than those with poor credit scores. Applicants can resolve their credit report issues to increase their scores and lower home loans’ interest rate. There are higher interest rate options available for applicants who have less-than-perfect credit scores. Applying for a home loan helps buyers determine how much buying power they have now and what they need to do to make improvements.

Current Debt-To-Income Ratio

People who carry more debt may have greater challenges getting viable loan terms, depending on their income and ability to cover these obligations. Paying down debt is a wise idea to get a home loan to cover the cost of a desirable place to live. Working with a mortgage consultant helps consumers find out more about the debt-to-income ratio and getting the best possible terms on a home loan.

Work History and Income

Applicants with a strong work history and steady income often get better terms on a loan. Mortgage consultants can help everyone, including those who are self-employed, find the right loan. Documentation of income is often required to get pre-qualified for a home loans fredericksburg va . Fortunately, there are options for most people who are steadily employed and have a decent credit history.

Type of Mortgage

Once consumers find out their qualifications for a home loan, they need to decide how much they want to borrow based on their current and potential future income. Most people try to spend a third of their overall income on housing expenses, including utilities and maintenance. Consider how much it costs for transportation, food, health care, and other necessary expenses to take on a loan that is easy to maintain.

Because of its impact on lives, many savvy consumers work with mortgage consultants to find the right home loan. Finding a competitive home loan is a way to save money down the road. Take a few minutes today to apply for a Singapore home loan with Dollarback Mortgage and get the right terms for future success. Working with skilled mortgage professionals makes a difference in the bottom line for years to come while enjoying the pride and benefits of owning a home.