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January 2022

How Does a Small Business Use a Zero Balance Account?

January 3, 2022

If you’re a small business owner, it might feel counterintuitive to have a business checking account with the goal of keeping a $0 balance.But that’s actually the whole point of a Zero Balance Account: You use that dedicated checking account to fund a specific expense, such as payroll, departmental spending, petty cash, travel reimbursement, or any other business need. Funds are sent to a particular Zero Balance Account  only when necessary to cover checks or debits. At the end of every day, any money in the Zero Balance Account is transferred back to the primary account.

Small businesses often use these types of accounts because they help control finances, increase efficiency, and allow all funds to take advantage of higher interest rates.

Off to College? Here's How Much Spending Money Your Kid Needs their First Year

January 17, 2022

If your child is heading off to college soon, you’ve probably considered costs like tuition, housing, food and books. But have you considered your college student’s need for spending money?
 
These are the one-off expenses like concert tickets, late-night pizza orders, or a university sweatshirt imprinted with the school mascot. And all those expenses can quickly add up. It’s never too early to start discussing college spending and budgeting with your teens. There are a few things to consider when financially preparing for freshman year.