Many Americans may look at their bank accounts and not truly understand their financial picture. Much of that could be tied to the fact that they aren't sure what happens to funds after they open an account, thinking this money simply languishes in wait of their next purchase. If a large amount of liquid assets are being used in this way, it's likely that a more sound financial plan is needed, as letting money stagnate can represent a loss on potential investment capital.

To facilitate better monetary growth, people should sit down with a financial calculator and determine how much they need to keep on-hand in case of emergencies and to cover regular expenses the rest can be placed in a separate savings or high-yield account to ensure its stability.

Rainy day funds
In the old days, the joke was that people would save money for a rainy day. Even on The Simpsons, the family had a jar of coins and bills set aside for an air conditioner, and though the funds were eventually used to procure Lisa's saxophone instead, these kinds of savings plans are still viable today.

Specifically, concocting a financial plan with long- and short-term ambitions can assist consumers with setting aside money appropriately. As Entrepreneur Magazine pointed out, not all of these accounts must be frivolous, either. Cars are an expensive item that need occassional maintenance, so opening an account for auto repair and improvements could be a wise choice. Consumers can also tier their savings, so the most pressing purposes get attention first, and those with more of a leisure bent will receive deposits based on whatever is left over.

Kipplinger recommended splitting funds into separate accounts to help monitor progress and make sure that money doesn't get mingled. If a portion of a sole account is supposed to be used for a family vacation, for instance, there is nothing stopping a signer on the account from putting those funds toward another purpose if they feel the situation is appropriate. By opening different accounts, this will provide more pause before dipping into alternative funding.