It’s easy to manage your finances when you close unnecessary bank accounts and credit lines and chisel down to the bare essentials. Blueprint For Financial Prosperity has compiled an excellent list of accounts that you need, and accounts you should avoid.
Accounts To Have
Accounts To Avoid
- Store-branded cards: The APR on most store-branded cards outweighs any short-term benefit, like: “10% off today’s purchase!”
- Finance Accounts: Don’t buy appliances on the installment plan. If you need a loan, go to your bank.
- Additional Checking or Savings Accounts: Unless you are approaching the FDIC insurance ceiling, stick with one bank.
- Reward-less Credit Cards: If no reward programs match your needs, choose a card that offers cash back; just don’t miss out on the fun altogether.
Five Accounts You Absolutely Must Have (And Four You Don’t) [Blueprint For Financial Prosperity]