How Savings Accounts Can Help You

A savings account isn’t just a place to park your money, but it is also a tool that can help you meet your money needs.  Whether you need to put your money into a savings account for the short term, or if it is an integral part of your retirement plan, a savings account can help you manage and plan for your money needs.

 

 

Easy Access

 

The first thing that is great about a savings account is access.  20 years ago, having a savings account meant that you had to go to the bank to transfer or withdraw your funds.  It was harder to use than a checking account (where you could just write a check), but it was safe and obviously cheaper than a www.paydayloansonline.com.  However, now with online banking, you can access your savings anywhere, and transfer funds as needed.  This gives you the benefits of a savings account (earning interest), while still maintaining easy access.

 

 

Safety and Security

 

Savings accounts also provide safety and security for your money.  When you apply for a savings account, you do so at a bank or credit union, which is FDIC insured.  This means that as long as your balance is under the FDIC minimum, you will never lose money by keeping your account at the bank.

 

Keeping your money at a bank is also infinitely more secure than storing large sums of money at your home.

 

 

Budgeting

 

Finally, a savings account can help you budget.  Many people use a savings account as a place to store their emergency funds, which is their savings in case something unexpected comes up.  A savings account is a great tool for that, since the money is safe, and it earns interest over time.  Also, since it is separate from your checking account, there is less incentive to spend the money.

 

Many people also open multiple savings accounts for multiple goals.  For example, there could be a college savings account, a vacation savings account, and more.  This allows you to set aside specific amounts for specific goals, all while having the safety, security, and access of a savings account.

Post by Robert

2 thoughts on “How Savings Accounts Can Help You

  1. Hi Daniel,

    I am Sophie Kinsella, a Search Engine Optimizer. I have gone through your website “frugalistajapan. com” and liked it from SEO point of view.

    I thought it would be nice if I had an opportunity to present your blog’s readers with something of real value.

    I understand the need for unique and well-researched content. And I’m also very passionate about any finance topic which I am specialized on.

    The post will be “finance” related(minimum of 500 words) and unique.

    Looking forward to working with you soon.

    Sincerely,

    Sophie Kinsella ✍
    Content Writer | Official Id : sophie.kinsella@oakviewlaw[.]com
    Skype-sophie.blogger | Google Talk-sophiekinsella[.]us

    “If your actions inspire others to dream more, learn more, do more and become more, you are a leader.” – John Quincy Adams

  2. I’m really loving the theme/design of your blog. Do you ever run into any browser compatibility problems?
    A handful of my blog visitors have complained about my site not working correctly in Explorer but looks
    great in Safari. Do you have any recommendations to help fix this issue?

Leave a Reply

Your email address will not be published. Required fields are marked *