One of the hardest things for people to comprehend is
having an account just for spend money. It is a new
concept to most people probably because until recently
banks made this almost impossible by creating low
balance fees. They also have made a lot of money on
overdraft fees due to spend money and bill money
sharing an account. Most banks still have these fees in
place, but some banks are getting away from this trend
to attract new costumers.
Budgeting your money becomes so much easier once
you separate your bill money and savings from your
spend money. The less thinking you have to do about
your money the less stressful your life will be.
Open up your spend money account and savings
account. If you want to make it easy, go to Capital One
360, and open up the accounts without getting out of
your chair. This site is not for their benefit, but there
are some real advantages to using Capital One 360
such as no minimum balance and no overdraft fees.
Click here to learn about more advantages to using
Capital One 360.
If you decide to use all standard accounts, I
recommend looking around for a bank that does not
charge a minimum balance fee. Your spend account
should be able to drop to zero without getting bank
I also recommend putting these two accounts into a
separate bank from your primary checking account. It
is best if you learn to just ignore your primary checking
account until it is time to pay the bills.
At this point while you are waiting for your accounts to
be created you can skip step three and go to step four;
Set up electronic bill pay.
Spend Money Account