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What is Saving? What is an Savings? Why Save Money?
Saving is a tool we can use for unexpected events that show up in our lives. I mean really, who hasn’t had their old car just broke down on the side of the road? Or that new car you just got an few months ago, the tire just blew out. I been there in both situations. I have also been in many situations that I needed to fix my car and I had to use my paycheck I just got on friday, even though I had an car payment due. It’s an tough situation to be in.
An good rule of thumbs is to save 10% of your paycheck. The first one to get paid each month is you. You work hard for your income, pay yourself and in the process help build the savings account that will turn back around with interest and then the bank will be paying you.
Opening a Saving Account
Do your research, every saving account has an different interest rate. They also have require deposit amounts for the accounts. So One account might be .8% interest with $25 deposit and any other account will say 1.5% interest with $100 deposit. Look for an account that you know you can keep the deposit amount inside of for 3 to 5 years. This is benefit or harm you financially. Be careful before you sign your name for an saving account, read everything.