Managing your bank accounts is one of the best ways to maintain financial health. For many people this involves simply balancing the check book at the end of the month, but for others, who have various bank accounts, this work can be a bit more challenging. But this is good work because the only way to get to where you want to be financially is to know where you are now.
The first step to managing your bank accounts is to keep good records. This means getting organized if you are not yet so. How you organize your bank accounts is really up to you. Use the system that works for you and that is not so intimidating that it causes you to slack off from the required monthly work.
Some people are happy using a shoebox or a simple file folder while others will be more satisfied using computer software. As mentioned, it is up to you, but do begin organizing your records.
At a minimum you will want to have access to your monthly statements for each of your bank accounts. This might include your checking, savings, money market, CD's, etc. Some of your bank accounts will require an active reconciliation such as your checking and savings. Others, such as certificates of deposits, may not require any work on your part at all other than updating the current balance.
Depending on how far back you have to go, this initial work can take anywhere from a few hours to a couple of days to complete. Once it is completed, however, you can begin to use your efforts to better enhance your financial health.
One example of how managing your bank accounts can help you better understand where you are today financially is in your checking account statements. If you are constantly finding yourself short of cash at the end of the month, take out your last three or four statements and sit down with pad and pencil.
Go over each statement and make a list of what you are spending your money on each month. It might be easier and more effective if you make a list of broad categories such as food, rent, gasoline, entertainment, lunches out, etc, and then list each check amount under the appropriate category. You might be surprised at how much money you spend on things that you might be able to do without.
After you have set up your files for all of your bank accounts you will need to find a safe and secure place to keep them. If you plan to keep them at home you should invest in a fireproof lock box. This will protect the documents in case of a fire. Another good option is to rent a safety deposit box at the bank.
Regardless of where you store these important bank accounts, make sure that they are protected from the elements and that they are accessible when you need them. You may also want to store your other important papers in the same place. Tax records, insurance policies, and legal papers should all be protected from loss or damage.
The problem as I see it is that trying to raise funds to try and stop world hunger is somewhat a futile endeavor. Not that it is not worthwhile cause, but that the way the funds are allocated and used are not correctly utilized or implemented. The funds are not even replenished correctly in my point of view.
The Solution What if donations are collected and saved in a bank account and not touched by anyone. But instead use the interest to spawn new bank accounts and use the interest from those spawned accounts to help fight world hunger. The idea is to use the strength and weakness of currencies as an advantage.
Step 1 Create a main bank account in a country with the strongest currency. Then obtain, request, and save funds into this bank account. But most importantly never withdraw money from this account, only use the interest earned from this account for step 2. Hopefully the funds in this main account will be large enough for this to work, maybe an amount above 1 Billion would be sufficient. Then, in the same country with the strongest currency create bank accounts for every country to be used in Step 2. Also create bank accounts locally in the selected countries to be used in Step 3.
Step 2 Every month transfer interest earned from the main bank account into a selected countries bank account. Then select another country for the next month. Then if all countries had been given interest from the main account, create a new cycle of selection.
Step 3 Every month transfer interest earned from the countries bank account from the strong currency into a selected country's bank locally. Then use the money in this local bank account to feed the people in the selected country. Remember that money is transferred from a strong currency, and because of this more money will be available to feed the people - Hopefully.
Additional notes: If 5 Billion could be saved/raised, then the interest could be split monthly between 5 countries. If 10 Billion could be saved/raised, then the interest could be split monthly between 10 countries. Thus the more money could be raised/saved, the faster the benefits will be seen.
Both Joseph Kenny & Nico Van Der Westhuizen are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Joseph Kenny has sinced written about articles on various topics from Credit Cards, Debt Consolidation and Credit Cards. Joe Kenny writes for Only Stop, compare in the UK, visit them today for. Joseph Kenny's top article generates over 550000 views. to your Favourites.
Nico Van Der Westhuizen has sinced written about articles on various topics from Banking, Alternative Medicine and Computers and The Internet. N.G van der Westhuizen is a software developer currently working on an open source Lotto database application. . Nico Van Der Westhuizen's top article generates over 1000 views. to your Favourites.