Understanding the financial world is no easy task. In fact, many people struggle with keeping on top of their own finances. As technology continues to advance and evolve, we are given more and more options that allow us to spend money in various ways, sometimes making it more difficult to keep track of how much money you actually have at your disposal. The very first step in getting on top of your finances, of course, is to apply for checking accounts and saving accounts with local banks and decide which is the one that you trust.
Why should you apply for checking accounts?
These days, it is pretty uncommon to run into someone who deals exclusively in cash transactions. For some people, it is better to keep it simple, and the type of business that they do allows them to manage their cash easily. Some people simply never get around to setting up an account with a bank, or do not know how to go about it. Whatever the case may be, you will likely find that the process of choosing a bank can be relatively painless, and that there are benefits of having a place for your hard earned cash.
Whether you apply for checking accounts or savings accounts, or one of each, you will instantly begin to recognize the ease that comes with better handling your funds. And when you do find a bank, the bank employee assisting you in opening your account can also help you in setting up your online banking, which simplifies things even further.
The changing financial world
The way that people handle finances has changed a great deal over time, and especially in recent years. Some of this has to do with the changing economy, some if it has to do with changing technology. Today, the average wage of a millennial is a good 20% lower than that which a baby boomer had when he or she was the same age. The young adults today are not only being paid less, but are unsurprisingly in more debt than the generations that came before, due to rising costs of living and expenses.
As far as the technology goes, more and more people are using credit cards and debit cards instead of handling cash at all. One survey conducted in 2016 showed that over 60% of Americans agree that our society will eventually be one that is completely barren of cash, as more and more people opt for various forms of electronic payments. Another recent study showed that the use of debit cards for payments rose from $2.1 trillion to $2.56 trillion over the course of three years.
Having a bank account is the beginning of financial freedom and stability. You will be able to keep track of your bills, payments, and overall finances with the touch of a button, if you so desire, and you will be on track to update to the newest advancements in banking technology as they come along.