There is no agreement among money managers as to how many bank accounts an individual or family should have. Experts have come up with various numbers.

According to funcheaporfree.com, there are five bank accounts every family must have if they seek to manage their finances effectively.

Most families have one savings account and one current account. This has been the norm since dinosaurs roamed the earth. While it works well for many, it is believed that having only one or two bank accounts can make it harder to keep track of your money.

The fact is, most families statistically have trouble making and keeping a budget. This means that the system may just not work that well.



Below are five bank accounts every family must have, according to funcheaporfree.com:

1. Family emergency savings
As a rule, 20 per cent of your income should automatically go into savings each month, and this is the ultimate account for your savings. As a rule, this account is for absolute, dire “we are going to lose our house next week if we don’t do something” emergencies. Picture it as the fireproof apocalyptic vault hiding behind concrete walls in your basement, or the piggy bank you have to shatter to open. You should never touch this account unless it is your absolute last resort.

Savings money should be automatically withdrawn from your paycheque every month (20 per cent ideally) and deposited into this account. You should pretend that this money doesn’t exist when considering your income/budgets.

It needs to be an “out of sight, out of mind” account. Don’t even bring it up when calculating your money as a family, and NEVER consider it as an option for pulling money out of when needing to pay for something…unless it’s a literal life-or-death situation.

You can open this in any savings account, but it is recommended that you open this account through an online bank.

With this account, you can effortlessly protect your family from the worst-of-the-worst circumstances.

2. Family regular savings
This is your “holding tank” account; the savings account that you can tap into when needed. This account is used for holding three months’ worth of cash to live off at all times in case of a short-term emergency. It’s mainly used to hold money you are using to save up for something pre-planned (down payment on a house, new bedroom furniture, major home repairs, family vacation, new car, upcoming wedding, etc.), and to pay for unexpected expenses and emergencies (car repairs, new tires, unexpected home repair, etc.).

Automatically draft 10 per cent from your paycheques to this account every month until the three months of cash is saved up, with the other 10 per cent going to your ‘Family emergency savings account’.

3. Family current account[b][/b]
This is your “home base” account; the account where all paycheques/sources of income go initially. Your money starts here, then is transferred and allocated to other accounts. This is where you pay for minor car/home repairs, oil changes, utilities and all other bills (except for medical bills, more about this below), tithing/donations, and other family expenses. All bills are paid from this account, preferably on auto-pay when possible to avoid late fees.

Money shouldn’t stay for long in this account, because it will be divided up and allocated to other accounts shortly after depositing your paycheque. Set up auto-transfers to other accounts to streamline the process of sending your money where it needs to go. Once all your money has been deposited to this account and sent to where it needs to go, it will be easy to see if you have money leftover at the end of the month! Big pat on the back for leftover, un-spent money. Any money left over in this account should go to ‘Family regular savings’.

4. Wife’s current account[b][/b]
Your monthly budget comes from the ‘family current account’ to this account every month. The money you spend for the month, however, you see fit. Whether you use cash, debit card, or credit card, it all comes out of this account. It makes it easy to keep track of your budget, will make it hard to over-spend, and will allow you the autonomy to use your own methods for budgeting and spending for your family, and will give you a place to keep your own “fun money”!

You should use this money to cover your budgeted expenses for the month, which needs to be determined in advance by each individual family. Sit down and write out every single thing you spend money on, then divide up responsibilities! If you do the cooking, you should buy the groceries so you know what you need.

5. Husband’s current account[b][/b]
This is the account you use to pay for your budgeted monthly expenses. The same rules apply as with the ‘Wife current account’. By having the husbands and wife current accounts, this gives each parent autonomy to spend, however, they see fit while still being held accountable for the overall budget amount.

Source: http://punchng.com/five-bank-accounts-every-family/

As the 2016 close-off, we all must agree that we need to let go our bad past and move on. These are the 5 things you don’t need to do when it’s time to move on.
1. Tying up all the loose ends.
Suddenly you want to get everything done. You rediscover tasks that sat on the sidelines for years, try to dot every i, cross every t. ¬You stress about leaving a good impression, free of guilt, nothing left to for anyone else to do.
This is a waste of energy. Of course you do what you can, but life is rarely so neat that everything is perfect when it’s time to go. Make a clean break by accepting imperfections and enjoying the change. You may not want to admit it, but life will go on when you’re gone.
2. Finding ways to hate where you are.
Please don’t do this. You can leave because you’re ready to leave. You can move on because something new and exciting has caught your eye. You don’t need to excuse yourself by creating a long list of problems that forced you away. This hurts. It denies the good stuff, leaving you feeling stupid and regretting years of your life. Don’t do it. Instead, walk away with confidence, a head full of memories and a heart full of joy.
3. Regretting what didn’t get done.
The problem with dreams is that we often have ambitions beyond what is possible. When real life kicks in, it’s so hard not to regret what you missed, but this is absolutely what you must not do. The world’s too big and time’s too short and you’re ready for a change. Pay attention to what you achieved, not what was put aside. If something really matters, you’ll do it someday.
4. Trying to explain.
Maybe this is my inner people pleaser talking but I always feel the need to explain why I’m walking away. People like to put us in boxes, to know where we are. When we change our minds, it upsets the apple cart, but it doesn’t make it wrong. The only person who needs to understand your decision is you.
5. Worrying about what’s to come.
Worry is good for the economy – it’s what keeps insurance firms profitable and crappy employers with a steady supply of willing slaves – but it’s a total waste of time for you. Yes, it might all go horribly wrong but how much worse would it be if you never tried? Once the decision is made, trust in your power to make it okay.

Source: http://www.findingplenty.com/5-things-you-dont-need-to-do

Falz abeg marry this girl before then carry her. I dey sure say brother dbanj and donjazy dey watch ooo. Pls do fast b4 they overtake u.

mightyrocket:
Why ogbeni no gree prostrate now

Ogbeni is a good Muslim. Muslims only prostrate for God and Can only bend to greet elders even if it is your parents.

Great!

WorldRichest:
Pinshure of the flooded road or fucck you liar.

You better be realistic, it's real ooo. I passed there on friday.

For me........ I think that kitay guy shld win it. Seems to be unique.

Update.......

Great!!!

Jazakum Lau Kairan jazah! Great write-up.