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Money comes out only you dont need a hammer to access your funds.
Theyre just kind of there.
But unlike your poor piggybank, you could get more creative and versatile with your banking habits.
According to Suze Orman, the way you approach banking can be pivotal to your long-term financial well-being.
Its no surprise that this personal finance icon has dedicated a lot of time to developing these smart habits.
You know the saying, too many cooks spoil the broth?
Ormanemphasizesbuilding a robust emergency savings account ideally enough to cover your household expenses for at least a year.
You should also look for ways to grow your emergency fund passively.
Technically, Member FDIC, which stands for the Federal Deposit Insurance Corporation.
Planning for a worst-case scenario is always wise when it comes to safeguarding your money.
You may have a variety of different types of accounts that fall under one of eight different categories.
For each category, you have at least $250,000 of insurance, Ormanexplains.
However, not all financial institutions carry this insurance, so its crucial to double-check for those designations.
So, what does that have to do with banking?
Smart banking requires treating your accounts as more than glorified piggy banks.
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