Savings Accounts: Not Just for Your Parents Anymore
Try this analogy on for size: A well-balanced diet and exercise are to physical health as savings accounts are to your financial health. In other words, if you want to have a healthy financial future, it’s even easier than loading up on fruits and veggies and going to the gym. Just open a savings account.
Rain, rain, go away. Your savings account can serve as a rainy day fund, providing cash on-hand for emergencies, including unexpected job loss. On a brighter note, your savings can be part of your plan to finance education, down payments for cars or homes, vacations and more. You’ll gain confidence from knowing you’re covered no matter what life throws your way, and you’ll achieve your dreams without relying on high-interest credit cards or loans.
Easy-peasy. Today’s savings accounts are big on convenience, while small on fees and minimum balances. You can open the account quickly in person or even online, and you’ll be able to access and monitor your account 24/7. Plus, it’s a lot safer than shoving cash under your mattress.
Start small. Even a little bit is better than nothing. Think of your savings account as a bill that must be paid every month, and choose to pay yourself first. You can set up recurring deposits or direct deposit so that the money directly hits your savings account.
Get even “healthier.” You can do this by thinking through all your insurance needs in conjunction with your financial ones. You never know when an unexpected situation will arise. Having the proper insurance in place will give you peace of mind to enjoy all the perks of your savings account—and life in general.