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But, once you understand the importance of bank account structure and how to operate your accounts, you will definitely start saving both on time and money!

Here's what I have noticed after speaking with people over the years. When you are young, people tend to open their first bank account from the same bank their parents belong. Then, once you hit tertiary education, you start deciding to go with a bank that will give you a credit card. At some point, you start having a partner and open a joint account with that person.

There is no real planning that takes place during this process. It just happens.

It is time to stop and set your bank accounts up properly! This will help you manage your money far better than what you are currently doing. There may be some parts that you are already doing correctly. But, once you look at the whole picture, you will start seeing the value of having a plan.

Click the image below to view our recommended bank account structure.

About the author

Tracey Munns is the Co-founder and CEO of VerdiPlus and a specialist in personal wealth creation. She is an engaging energetic business person widely experienced in aspects of the financial services industry. Tracey holds a Bachelor of Commerce, is a Registered Financial Adviser and a noted businesswoman and public speaker. Her passion is to help as many people as she can to 'love their finances and change their lives'