Benefits Of Opening A Savings Account

Written by: MoneyPrime Staff
07/05/2019

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Whether you are young or old, have worked your entire life or have just started out into the world or working for your money, the times to open up a savings account if you do not already have one, is right now. Below are a few reasons why you should open up a savings account as soon as possible and start working hard to be financially free so that your dreams can become an actual reality.

1.) Start saving so that wealth is feasible
You cannot become financially free unless you start somewhere small. The first step into building up your financial wealth is to start by saving a single dollar and then building from there. Every dollar you have that can go into a savings account should go to that. It is impossible to start large and immediately be able to invest a lot of money into things like real estate or high dividend stocks that will pay off and give you a big profit. Instead, start by putting the money that you work hard for into a safe savings account. This is better than letting it sit around and accumulate in a box in your closet because a savings account will actually help you earn interest on your money that you deposit into the account. As long as you leave your money in the bank account it will continue to grow and can end up yielding you some real wealth. Putting your money away un a savings account can help you get to a point much more quickly where you can invest the big bucks in other options that will yield you big profits and get you on that road to financial freedom!

2.) Money put away in your savings account is safe but easy to get too
It may seem really easy to get an old empty shoe box or a small drawer that you can put money into after you get paid. That is certainly one way to go, but the truth is that that is just not the safest idea. Something like that can easily get lost which means your hard-earned money is gone forever, and on the flip side in the unfortunate circumstance that your house is ever robbed all of your money can get taken away from you. So while keeping it somewhere in your house may seem like the easiest options, a better idea would be to put it in a savings account. Money that is put away in your savings account is easy to get too, and if an emergency or unforeseen expense pops up and you need to get to those funds, you can get to it any time you need it. On the flip side, however, it is important to understand that you can only take out so much money out of your savings account every month without a fee which is actually a good thing for you as it does not allow you to spend your savings on frivolous things and keeping you from building your wealth.

3.) Your savings account can double as an emergency fund
We all know that unfortunately, life is not always smooth sailing and totally predictable. There are a lot of twists and turns in life and surprises, both good and bad that are going to pop up and you need to be ready to take them on. When life throws something your way that you were not expecting like things like a bad sickness, a new baby in the family, home repairs, etc. you need to have a fund that you can dip into which will allow you to pay for these eventualities without stress. You want to work up to having at least 6 months worth of your income in your savings account to cover emergencies, and putting these finds in a savings account will help you get there much more quickly thanks to the interest your money builds while sitting in the bank.

4.) Opening a bank account will help set you up for the day when you can invest
One way to make sure that your money is always growing and building you wealth that you do not have to necessarily work for is by investing your money into things like stocks, precious metals, trade, real estate, etc. However, in order for your investment to make any type of dent in your bank account and getting you some serious profits, your initial investment needs to be quite large. When you regularly put money into your savings account, you can quickly build up significant savings which can be used to launch yourself into substantial investments that will show a very nice return.

5.) A savings account will help you get your dream life
You may make enough money in your regular income that putting money away for investments is not a priority to you, and once you have enough in your emergency fund you may want to save up for something else. A savings account will allow you to put money away and save for things that you have always dreamed of having. This means that you will be set up for being able to buy things like a dream cruise you have always wanted to go on, a car that you dreamed of for your entire life, or even your dream home that you will live in forever. Opening your savings account is the right place to begin, but things won’t really take off until you begin putting away money into your savings account every single month, and then not touch it unless you have too or until you reach your personal goals.
Unless you are an incredibly disciplined person, it can be difficult to remember to put money away every month into your savings account as soon as you get your paycheck, so it is wise to utilize today’s technology and make it automated so that a certain amount of funds are taken out of your checks every month. These tools can make saving money and becoming wealthy as easy as it is to spend your money!


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