It’s 2024, and you are finally ready to get your finances in order. “How do I start?” you ask? Well a great head-start would be to ensure that you have all the necessary financial accounts that would allow you organize your finances more efficiently.

At least that’s what I did, and not only did it allow me to be in charge of my finances, it also helped me figure out where my money goes and makes it easier for me to budget more efficiently. Please note that I live in the UK and would be using the UK as a point of reference but this can definitely apply to any country you live in.

So here are 5 Financial Accounts You Should Own in 2024:

1. A Checking Account

This is usually a regular bank account that you probably already own and there are typically two types

Traditional current account: The more established banks that usually have a physical office space and are typically more “trusted”. This bank would hold the bulk of your “loose” money. You also most likely receive your salary with this account. I use HSBC and there are other options like Lloyds, Natwest, Barclays, etc and in Nigeria, FirstBank, Access Bank, FCMB etc.

An Online Bank Account: These are online banks that necessarily don’t have a physical office space but offer perks like free debit cards and ease of doing online transactions with virtual debit cards. I always advise owning one of these because it can help you control how you spend. I use mine by transferring money that I need for the week into it and I use the card to tap in and out on the bus, trains and do online transactions. That is also because I don’t have so much money in it at every point in time and don’t have to worry about my bank card details being hacked. Example would include: Revolut, Monzo and if you live in Nigeria; Kuda.

2. A Credit Account

While this may not appeal to people that live in countries like Nigeria/Ghana, if you live or just relocated to most western countries like the US, UK, Canada or Australia that are predominantly credit-based, having a credit account (card) is a very important if you’re looking to get a mortgage or finance a car loan in the nearest future. (I’ll make another dedicated post on this very soon and link it here). For newbies without credit history in the UK, you can register with credit karma and get credit-building cards like Tesco, Capital-one, Think Money and with time get from more established credit-card companies like American Express (AMEX).

3. A High-Interest Savings Account (HISA)

These are savings accounts that have a much higher interest rate than a regular savings account. I was shocked to find out that not everyone uses them but I use my HISA for my emergency and travel funds just so I can earn interest on them and still have easy access to them whenever I need them. I currently use Monzo (They have HISA pots right there in the app) and Metro but I have since discovered banks with even higher interest rates and I’m looking to move ASAP!

4. An Investment Account

You need an investment account that would allow you invest in different asset types long-term; I’m talking money that you need in 4,5 or 10 years. You can choose to have a regular investment account or a Stocks & Shares Investment Savings Account (Stocks & Shares ISA).

The type of Investment Account you open would depend on so many things such as their fees, ease-of-use of the Application and the number of available assets you can investment in.

I currently use Trading 212 and Hargreves Lansdown and their other ones like Etoro, Plum etc

5. A Tax-Free Account or an Interest-free Savings Account (ISA):

The government in most countries allows people to open tax-free accounts where whatever interest or profits they earn on their money is basically tax-free (to a certain amount) and there are different types, the type you’ll open would depend on your personal saving goals but the major ones are Cash ISAs, Stocks and Shares ISAs , Lifetime ISAs. I’ll make a dedicated post on that soon.

So there you have it, 5 Financial Accounts You Should Own in 2024.

Which of these accounts do you already have and which one are you looking to open soon?

If you have any question, please leave them in the comments below and I’ll be happy to answer them.

With all my love,

Tee.