FF Challenge – Day 6: Create a Second Bank Account

Here we are for Day 6 of the Financial Freedom Challenge! How are you? How is it going? Let me know in the comments, I’m curious! 🙂

Yesterday’s challenge was to stop using credit cards. I know that it can be a difficult step, but it has huge importance for your Financial Freedom. So try to take it seriously.

Today’s step is easier, so keep calm. We’re going to create a second bank account. But now proceed with the challenge of Day 6!

What’s today’s task?

As I wrote on the page dedicated to Financial Freedom the organization of your financial life is very significant. That’s why I decided to dedicate some steps of this challenge to improve your financial organization.

In order to have a better organization, in my opinion, we all should have at least two bank accounts.

Why should we have two bank accounts?

As I say in the Financial Freedom page, there is one important reason to have two bank accounts: divide our savings and investments from our fixed expenses.

Indeed we should receive our income on the main bank account and use it for fixed and daily expenses. The second bank account should receive a fixed percentage of your income each month and our final purpose is to save that money and investing part of it.

Keep the money dedicated to current expenses divided by the savings and the money we want to invest is a crucial step in our financial life. So you can have a clearer idea and above all, it avoids spending money (that we should save or invest) on things that we don’t need.

Here we have a problem. I could suggest you a couple of very interesting bank accounts. They would be Italian, but only a few of you are Italian.

So my advice is to open Google and search “bank accounts comparator“, open one of the first results and look for the best bank account available in your country. Then go to the website of the selected bank and open an account. That’s all!

Just to make an example, my Italian readers could go on facile.it and use its comparator to find out which bank account is best suited to their needs.

Some recommendations:

• Always check the expenses of a bank account before opening it. Keep in mind that we always have to limit our expenses
• Reflect on whether or not you need a physical bank
• Look for bank accounts that guarantee you interests on your money. Even if it is a little interest rate, in the long term it can make a big difference

A brief summary of today’s task of the Financial Freedom Challenge

1. If you don’t already have a second bank account, get it into your head that it is a good thing to have a second account for savings and investments
2. Open Google and look for a bank account comparator
3. Search for a bank account suitable for you on the comparator
4. Open the bank account and use it only for your savings and investments

My experience

Many years ago, when I was 16 or 17 years old, I opened a shared bank account with my father. It is an ING bank account and I’m still using it for my main expenses and it is where I receive my Income.

Then I felt the need to open a second account of my own and I chose the Hello!Bank option because it is free for people with less than 30 years. I use it for my emergency fund (we’ll go deeper on this topic in the next days), savings and investments. If you want to open a Hello!Bank account check out their website. In addition, if you decide to open an account you can receive a 200 EUR Amazon Gift Code if you insert my code (MGM307834719) during the registration (note that to receive it you need to transfer 3000 EUR or credit your salary). But don’t let yourself be influenced by this, choose the account that best meets your needs.

Final recommendations

The sixth step is over and I hope you enjoyed it! If you have any questions about this step, write a comment and I’ll try to help you 🙂

Besides share in the comments your opinion about this sixth step. Did you already have two bank accounts? Do you think this is a good idea?

Come back tomorrow for the seventh step and remember to follow us on Facebook and Instagram! Share this challenge on your social media: this will keep you motivated during the path, trust me 🙂 If you want a direct contact with me (answers, discussions, doubts, advice…) and the other participants, join our Telegram groups (ENG Group, ITA Group).

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