Finances Essay Example

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Spending money is an inevitable. Selecting an ideal checking account essentially helps curb the trait of expenditure without proper planning. Every individual desire an account that would act as an investment tool, ideally, the checking account tend purposely to handle finances that settle bills and day to day transactions.
The Wall-Street Journal tips on the proper way of selecting a checking account provide the guideline that would suppress the spending plan of an individual. The checking account typically is applicable to my financial life as it is the best tool to provide the financial plan. To begin with, checking account attracts low-interest rate as compared to the saving account. I tend to benefit from the low-interest rate as I grow the cash in the account. Minimizing expenditure and cutting unnecessary cost to meet the set targets. In the long run, the finances that I would otherwise waste I channel them to my investment plan. The nature of the account meets my needs. This is because the checking account enhances easy access to finances hence can settle monthly bill and day to day transactions.
The checking account tends to ensure that the finances that are within my threshold are utilized. My personal financial plan entails proper balancing of the liquid cash. However, it is paramount to be vigilant when choosing the kind of bank to open the checking account. Personally, I will consider the bank institution that will offer the best deals. Credit unions are not left behind; they provide adequate checking accounts. Convenience is another applicable element in guiding the financial plan in life since convenience comes with the cost. There are factors that help in evaluating a checking account that will suit one's financial plan. The ATM fee is avoided given that the bank chosen utilize the internet banks reimburse fees. Additionally, checking account has no minimum fee hence applicable to my financial plan of ensuring no additional costs. Caution is required where there is the presence of ledger fees that are accredited to one’s account. Most banks currently allow one to withdraw funds that exceed over.
Since the various banking institutions offer competitive interest especially on checking accounts, it paramount to capitalize of such offers. This is because the outcome will be the resultant accumulated amount that would in investing. Additionally, the tips on checking accounts enhance the regular check on the account concerning overdrafts and noting any fees that are credit to the account. It relates with the accounting technics that pinpoint the proper utilization of finances. The freedom depicted by opening a checking account gives the option of opening a primary account that will aid in counter checking payments made to the bank. Personal financial plan is vital to setting pace for endeavor in investment. This, therefore, concerns the financial planning tools show the time value for money that awards success and growth in financial independence.
Conclusively, the journal emphasizes on the keenness in deciding to open the checking account. The best ways to secure ideal checking account is doing an inspection on the feature of the account especially on the interest rates and fees. Different financial institutions have different interest fee. Ideally it is good to compare the savings and checking account for the bank interest rate. Finally, by using checking account, there is access to credits.

Work cited

http://guides.wsj.com/personal-finance/banking/how-to-select-a-checking-account/