Finally gaining control of your personal finances is a relief unlike any other. It feels like a massive weight has been lifted from your shoulders and fresh air rejuvenates your lungs. There are a wide variety of ways in which consumers are able to find financial independence these days. It speaks to a generational shift in the overarching societal mindset. Where job-security and longevity used to be the number one priority, modern employees are putting a stronger emphasis on work-life balance, flexibility, and work-fulfillment. No one in today’s market expects an employee to be in the same position, or even with the same company, for more than a few years. Upward movement and growth are seen as positives in today’s day and age.
However, financial independence doesn’t only stem from your income. Financial independence and wealth is built over a period of time through a series of healthy money habits and smart financial decisions. Getting a debit card is often one of the first steps that anyone takes in getting a grip over their finances.
Safer Than Storing Cash
First and foremost, a debit card is simply safer than storing your cash in your house or apartment. This is because debit cards are linked to checking accounts which exist in banks or financial institutions. As such, your money is stored securely by the bank, which will typically be FDIC insured, while the debit card still offers you instant access to your assets.
Utilizing a debit card in this fashion is safer than storing your cash in your home, apartment, or other dwelling for a number of reasons. Firstly, there’s no way that you can lose track of your cash in a checking account. On top of that, a checking account will take care of spend-tracking for you. By opening a checking account and getting a free debit card, you don’t have to worry about mental budgeting anymore. Instead, you can see all of your financial activity all centralized in one digital location.
Many banks in today’s day and age have both web-applications and mobile-applications that make it even easier for consumers to see what’s going on in their account. Many of these apps even offer some basic analytical features that help consumers gain an even more in depth portrait of their financial well being.
Instant Access to Funds
In the world of accounting and investing there are typically two types of investments or assets. There are liquid assets and non-liquid assets. Non-liquid assets are assets that have financial value, but are not easily convertible to currency. A classic example of a non-liquid asset is real estate. Real estate prices are astronomical right now, but even a $500,000 home is not the same as having $500,000 in your pocket. While the piece of real estate property retains a high value, it isn’t a financial asset that can be used in the way of everyday purchases, not by any means at all.
Liquid assets, on the other hand, are assets like cold-hard-cash. These are assets that can be accessed instantaneously and used at a moment’s notice. When you open a checking account and get a debit card, your cash remains liquid even though it’s in a bank. This means that you’ll still have instant access to your cash whenever you need it, and for whatever cause.
Debit Cards With Perks
If you’re looking for your first debit card and don’t know where to open your checking account, or you’re just looking to expand your financial assets a little bit, there is a whole new generation of debit cards on the market. These debit cards come with a variety of perks and benefits depending on the institution and the package you choose.
There are debit cards that help consumers get their feet wet with micro-investing and spare-change investing. Other debit cards help brand-new-to-credit consumers build their credit score through in-house-credited-then-debited-transactions. Other debit cards still offer their users a chance at a 100% cash reimbursement on any and all everyday purchases.
Taking advantage of these debit cards with perks can help you take control of your finances.
Smart Money Habits
It’s never too early, or too late to start building smart money habits. There are a wide variety of financial strategies and tactics out there when it comes to saving money. Understanding your current situation can help you choose the products and strategies that make the most sense for where you are currently, and where you want to end up.
Whether you’re just starting out on your financial journey, or you’re well down the path already, opening a checking account and making use of a debit card can make managing your money a whole lot easier. Don’t be afraid to take control of your financial situation, do some research, and start making a plan for the life you want tomorrow, today.
