Trust in the Lord with all your heart, and do not lean on your own understanding. In all your ways acknowledge him, and he will make straight your paths. Be not wise in your own eyes; fear the Lord, and turn away from evil. It will be healing to your flesh and refreshment to your bones. Honour the Lord with your wealth and with the firstfruits of all your produce; then your barns will be filled with plenty, and your vats will be bursting with wine.
Proverbs 3:5-10
Having different bank accounts allows you to ring-fence,
or protect, certain sums of money for particular purposes. For example, I am
self-employed and although I am under no legal obligation to keep separate accounts
for the money I use for business purposes and household spending, I have always
found it much easier to run separate accounts. Some people have separate
accounts for second homes or holidays; many like to keep the money they spend
as cash in a separate account to the one used to pay regular bills by direct
debit or standing order, so that can be sure not to inadvertently withdraw
money needed to pay an important bill. It is good to keep savings in a separate
account, so that the money saved for some emergency or future purchase cannot
be confused with the money available for routine spending.
When choosing accounts, this is what you should look
for.
Free
and convenient places to withdraw your money. Do not pay to withdraw from other banks’ and building
societies’ cash machines or the privately owned cash machines that you see in
shops and on streets – not, that is, unless you are faced with an urgent need
for cash and have no alternative but to pay to withdraw.
Interest,
if possible, when you have money in the account. You will never get much but the little bit you do get
is better than nothing.
No
interest or arrangement fees when you need an overdraft.
A
cash card and debit card. In practice, these are
not usually two separate cards but a single card that can be used for both purposes
– and can also act as a guarantee card if you ever have to pay for something by
cheque.
A
printed statement each month.
Also, easy access to your current balance at cash machines, online or by phone.
Think carefully before opening accounts that charge monthly
or annual fees, especially if they promise cashback, air miles or other rewards
when you pay for goods and services by direct debit and/or debit cards. These
accounts do benefit some people but whether one would benefit you is something only you can calculate.
Before you open this sort of account, be clear that the rewards you get will be
worth more to you than the fees you pay.
Read all the small print before opening any new
account.
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Copyright © All Souls Clubhouse Community Centre & Church and Philip Evans
2013.
Scripture
quotations are from The Holy Bible, English Standard Version® (ESV®), copyright
© 2001 by Crossway, a publishing ministry of Good News Publishers. Used by
permission. All rights reserved.
Handling
money and dealing with debt can be complicated and neither the author nor
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