One of the perks of being financially independent has something to do with that warm glow you feel as soon as that first paycheck comes in. Unfortunately this perk comes coupled with a dilemma. What do you do with such a significant amount of money? Probably the best way to deal with this is to keep your money in a bank account for safekeeping. You can be sure that it would be secure, all the while giving you the freedom to dispense of it as you please. You can entrust it in either a savings account or a checking account. Your decision on which kind of account to open depends on how you would like your money to work for you.
A savings account enables you to keep money on deposit while accumulating interest on it over time. If you really want your money to grow, this is the better type of account to go with. But you are in a slight disadvantage when it comes to pulling out funds, since you would have to go to a bank or an ATM (if the bank offers you this option) every time you withdraw cash. If you are the penny-pinching, thrifty type, this account works well for you. The minimum balance for opening it is very reasonable, and your money multiplies as long as you sit on...
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