The 5 Must Have Accounts For Your Finances

In this episode of the Mind Money Soul podcast, I’m going to be sharing the 5 must have accounts for your finances.

Managing your money can feel overwhelming with so many different accounts available, from savings accounts, to stocks and shares ISA’s and pensions. The biggest challenge is knowing where to put your money so it can grow and remain safe. Growing up, we’re often only taught about having a current account, but there's much more to financial success than that. With such limited information, it can feel difficult to know where to begin leading many people to limit themselves by keeping their money solely in a current account.

We'll discuss the five essential accounts you need to manage your money effectively and how having multiple accounts can set you up for financial success. By understanding and utilising these key accounts, you can take control of your financial future. Don't just settle for a current account—expand your financial toolkit and set yourself up for success. Tune in to learn how to navigate these accounts and maximise your financial potential.

+ A breakdown of the different accounts you need
+ Why you need to have a current account
+ Why it doesn’t pay to be loyal to a particular bank
+ Why you need a separate spending account
+ The benefits of using Monzo or Revolut
+ Why you need a high interest savings account
+ How to grow you money with a stocks and shares ISA
+ The different types of pension accounts
+ How to manage your money when you get paid each month

Timestamps

00:00 - Introduction
02:29 - You need different accounts, for different things!
00:42 - The biggest challenge with money is knowing WHERE to put it
00:57 - #1: You need a main current account for your income and bills
02:32 - You don't have to be loyal to one bank - there's perks to swapping!
03:35 - #2: You need a separate spending account
05:05 - Why you should use a FinTech bank like Monzo, Starling or Revolut!
05:51 - #3: Why you want a high interest savings account
07:07 - What happens if you leave your money in your current account
08:01 - #4: Why you need a Stocks and Shares ISA to grow your money for the future
08:12 - Only 6% of adults have a Stocks and Shares ISA - this blows my mind
08:44 - The difference between a cash ISA and a Stocks and Shares ISA
09:57 - #5: Why you need a pension account
10:22 - The different types of pensions
11:55 - It's important to understand the benefits and limitations of each pension account
13:01 - How to manage your money when you get paid each month
13:51 - Wrap up

Resources

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