Financial Fitness - Smart Banking

On the last financial fitness tip of the week, Alan Akina talked about good money and bad money.

This week's tip is about your bank account, or in many cases, bank accounts. Here's money expert Alan Akina.

Now here's a question I get asked all the time. My spouse and I have separate checking accounts. Is that a good thing or a bad thing? Well, this is what I have to say to that. Simple, simple, simple. You see, folks, we benefit by simplifying our financial lives. When our money is spread out across multiple banks and different accounts, we increase the chances of getting financially lost. You see, in the old days, the assumption was it was safer to keep our money in different banks just in case one goes under. Nowadays, most banks and credit unions are insured by the FDIC. That means your money is protected up to $250,000. Now here's my suggestion. Get one checking account, one savings account, and one credit card account. It's gonna be much easier to track this way. We're gonna become more accountable because we know exactly how much we have, and we avoid the mental illusions of thinking there's money in my other account. That's today's financial fitness tip. All of our tips are on the Wake Up Today webpage at khon2.com. For Wake Up Today, I'm Alan Akina. See you next time.