What kind of bank account should i open?i just got a job and im going to get paid by check, i don't know what type of bank account i should open. what i plan to do is save $40 from my check and the rest for me to spend. i want to save $40 to save up for christmas shoping. i dont pay rent or anything else. | |
Sounds like all you need for saving is to open a simple savings account at your nearest bank. Then, on payday, you can stop there and cash your check and make your deposit.
The question of whether you need anything more depends on how much extra money you'll have after your savings deposit. If it's just spending money until next payday, that should be all you need.
If you'll have a large check, then you may want to consider a checking account also so that you don't have lots of loose cash in your pockets to get lost or stolen.
Let me recommend Dave Ramsey's book The Total Money Makeover. It has a clear plan (steps) for everything from getting out of debt to building wealth.
Good Luck
You need a checking account especially if paid by direct deposit.
Also open a savings account, have the bank transfer the 40 from your checking automatically to your savings account. Problems solved
