Email
Print
Dave Says
 Dave Ramsey is America's trusted voice on money and business, and CEO of Ramsey Solutions. He has authored seven best-selling books, including The Total Money Makeover. The Dave Ramsey Show is heard by more than 12 million listeners each week on 575 radio stations and multiple digital platforms. Follow Dave on Twitter at @DaveRamsey and on the web at daveramsey.com. |
|
Separate savings and checking accounts help maintain boundaries and protect your emergency fund from accidental spending. Keep them distinct! Keep a Boundary in Place Dear Dave, I have a money market account that I use as both my checking and savings account. I have a debit card and check writing privileges with the account, and I get a better interest rate on my money. Is what I’m doing a good idea, or is it better for some reason to have separate savings and checking accounts? Bonnie Dear Bonnie, It’s always good to have a physical and emotional boundary between your savings and the everyday funds in your checking account. This is especially important when you’re talking about savings or an emergency fund. There’s nothing inherently wrong with getting a better interest rate, but when everything is all lumped together it can become easy for the line between savings and checking to become blurred. And if you’re not careful, you might find yourself dipping into your savings or emergency fund for things that aren’t emergencies without realizing what you’re doing. - Dave |
| Archive |
|
|
