What do i get a checking or savings account?

Question

okay im 18 with 2 kids. we live with my boyfriend(their father) right now and he's unpredicable. sometimes he threatens to kick me out. anyways since im 18 i still receive child support from my own dad! with that child support i wanna save in case something ever happened( like me gettin kicked out!) so far i've saved like $212 dollars. what account would you recommend me putting my money in???

Answer 1

Well if you put it in a savings account, you would still have some access to the money, like an ATM card, or withdrawal slips, but it wouldn't be as easy to spend like with checks or a debit card. So that's one plus, because it makes it easier to avoid spending. Also, you will get interest by putting it in a savings account, and make a few extra dollars while your money is just sitting doing nothing, you can have it work for you.

If you ever run into a need to spend the money on a regular basis, you'll just go to the same bank, open a checking account and transfer the money right over.

Or, keep in mind, you can always open both. . .

Answer 2

It is really good to have both checking and savings accounts. What  I would recommend is go to any local bank which is close and convenient for you and open both. Try to just put in 10-20 dollars a month for the savings, and don't touch the money. Work with your checking account and create a timetable for paying bills and planning out your budget. Stay away from credit cards!!!