Financial Fitness with Alan Akina - Spring Cleaning - Banking

25 Nov 2013 · 2 min

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This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube video titled "Financial Fitness with Alan Akina - Spring Cleaning - Banking" (excerpt dated 2013-11-25). The excerpt is a short multi-speaker segment in which Alan Akina delivers financial "spring cleaning" tips for organizing banking: simplify to one checking, one savings, one credit card; use online banking; and follow a "7-1" rule for record retention (keep tax-related documents 7 years, others 1 year). Other speakers (labeled SPEAKER A/B) provide brief interjections and reinforcement.

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Speaking of fees and saving money, sometimes keeping it simple makes a big difference.
Alan Akina is watching your wallet on this Wednesday.
Good morning, gang. Today I have another financial spring cleaning tip for you, which will cover how to get your banking life in order. So here are 3 tips to help you get moving in the right direction. Number 1, simplify your banking by using just 1 checking, 1 savings, and 1 credit card. You see, the old school way of banking is to have accounts at different banks or credit unions just in case one goes under. Well, the FDIC insures our money, so that's no longer valid. I also suggest that you close accounts that you do not need, but first check to see if they'll charge you fees. Use online banking. See, online banking today is much safer and easier to use. Most major banks and credit unions offer this service for free. Now, moving more of your transactions online will save you a ton of time and provide you with better tracking. And number three, when it comes to keeping bank statements, remember this rule of thumb: seven one. Now anything that has to do with your taxes, you want to keep for at least seven years. Now any statement that has no tax consequence should be kept for at least one year. Now when disposing of your statements, use a cross-cut paper shredder to prevent identity theft. For Wake Up Today. I'm Alan Akina. See you on Monday.
7-1. If it has to do with taxes, keep it 7 years. Anything else, just a year.
Okay, good to know.
Make the change. Yeah.