Having a savings account is an essential part of financial planning and well being. Maintaining a savings account allows you to be prepared in case of an unexpected cost, emergency, or predicament. Even more importantly, it allows you to have peace of mind knowing you have money put away. Having a savings account that can cover you should you ever need it is a critical aspect of a well rounded financial plan. Let’s dive into how you can make it happen.
Save Consistently
Whether you’re putting away half of your paycheck or twenty bucks a week, saving often is what’s most important. As you set your goals on how much money you’d like to save in a given year, it’s best to visualize it on a smaller scale as well. When you make consistent deposits into your account, you’re able to count on it for the future as well!
Take Interest
If at all possible, it’s best to deposit your cash into an interest bearing savings account. That means that as your money sits in the bank account, it will accrue interest over time. As you continue to grow your account, the amount of interest you’ll receive will also increase. Talk about easy money!
Make It A Habit!
Find some loose change? Maybe you found a ten dollar bill deep in the pocket of those pants you never wear? Save it! Make it a habit to put away loose change and money you’ve found. Over time, you’ll see that total grow and grow without having to do any extra work!
Keeping a savings account allows you to have breathing room. If your car breaks down, the refrigerator stops running, or you just want that extra cup of coffee one day, your savings account will provide you with the flexibility to make it happen. If you have tips for maintaining a strong savings account, share them in the comments section!
