Saving Money for Beginners – part 6

„Saving Money for Beginners“ is part of a series of articles from our guest author Victor.


Before we continue with other topics related to saving money for beginners, I would like to review and make sure you have a solid bank account where all your money saved will go to. We also need to make sure all basics are covered.

Just as in the other steps, you will need to be disciplined, don’t lie to yourself and, if needed, do some mathematics.

First of all: is your bank account at a solid and reputable bank? With money and investments, especially when you are starting, it is better to be conservative. Don’t do experiments with online banks with “flashy” cards and mobile apps. At any given time, these banks will have to raise their prices, starting charging you for transactions, or will not be online and available 100% of the time.  

Second point (and very important!): DO open a bank account. Do not give your money to be kept by a friend, a family member or your significant other. It is important to not to lie to yourself, but also to respect yourself. This is money for you, for your future. Don’t depend on the goodwill of someone else. Regardless of how close this person is to you.

Third point: make sure this bank account does not cost you any money. For anything! When you deposit, when you withdraw, when you have a zero balance, a monthly or yearly fee. Do you need to pay for a debit card if you have this account? If you have any cost, look elsewhere. Respect yourself and don’t be lazy. Do not pay banks for the benefit of keeping your money.

Fourth point (at this stage I am taking for granted that you are not going to lie to yourself and will avoid such situations, but I will mention it anyway): Do not take an additional credit card linked to this account, do not open a credit line linked to this account, and do not take the option of going overdraft in this account. Do not take in additional financial products: e.g. the option to have an account in other currencies, to have a second card, insurances, etc, etc. This is your money, respect your future self. 

Fifth point (and a bit tricky for some): are you married and/or are in a long relationship with your significant other? Is he/she the only one working? The only one with a stable income? Do not hide the fact that you want to open a bank account for yourself and for your own savings. But also do not let the fact that this is a difficult topic (you wanting to have a separate account for your own money) stop you from doing it. 

Talk to your significant other, tell him/her that, no matter what the future brings in your relationship, it is always better to have an additional amount of money saved. It is not only a safety net for you, but it is also a matter of strategy. In no world should a couple depend on the income of one person in the relationship. Besides been unjust for the person with no income, it is a very stupid risk, to have one single income and savings account. 

If he/she does not understand this, it is even more necessary from your side to have such a safety net. Be honest to yourself, is he/she hiding how much money they earn? Do you know the latest status on your family debts (credit card, mortgage)? And he/she still does not agree on you having a separate bank account for your savings? This is yet another reason to have one. 

Sixth point, and also family related: this savings account is not for your children, your father or mother, your lover, or any close family member you have. Respect yourself. This is for you and for your future. If you don’t respect yourself now and take good care of you, how can you expect someone in the future to do this for you? 

And once you have your savings account, do not lend money to others for any reason from this account. Do they need money for university? Do they need money for a car? For a present? A trip? a party? For a business opportunity? NO. This is your money, for your future. Again and again, don’t lie to yourself and be honest with yourself. 

Last but not least: keep the data of your savings account in a safe place. You work hard and have a strict discipline, but you don’t want to misplace all the access data to your money.


Do you have any other tips or secrets when it comes to having your own bank account? Feel free to share with us. 

(Please do not forget to subscribe to the article in order to receive notification of further comments.)

Did you like this article? Please rate it!



Photo: Victor/Private

Rate this Article
0 votes
Order by: 
Per page:
  • There are no comments yet
These articles may also be of interest to you
Start your savings account and make it grow!
03.10.2018 · by Victor