why do we save money in the bank
A bank is a safe place to keep your money. It is safer than keeping lots of cash in your house, which might get lost or stolen. It is also a good way to save money for the future. PYour money will earn interest in a bank, meaning over time the amount of money will increase. PThere are many banks and building societies and many types of account do some research before you open an account to see what best suits you or arrange to speak to an advisor at a high street bank who can explain things to you. You might want to consider the following:
How easily do you want to be able to access your money? Do you live near a branch? Do you want to use an online bank account? When you open a bank account, you will need to show identification such as a passport and proof of your address. [See FIND OUT MORE The National Autistic Society, in association with the Financial Services Agency, has a website to help adults and young people with autism better manage their money. offers lots of advice relating to money including how to open a bank account. You can also find out more about how to open and run a bank account on the website. Saving schmaving, that doesn't matter until later. It really saddens our financial hearts to tell you how down-right wrong that kind of thinking is.
Let's try that again - repeat after us - Saving is important for everyone, at all times. We understand that it's harder for some of us to save than others. Difficult? Yes. Impossible? No. We're not sure about you, but we don't have a personal savings secretary making surePwe feed our savings account on a paycheck-by-paycheck basis. For those of us who have to fend for ourselves and have this little thing called self-accountability, we probablyPneed a reminder as to why we should be saving in the first place. Have no fear, we'd never leave you out to dry. For the moments when you need a little inspiration to keep your savings growing, think about these 6 important reasons to save money every paycheck. 1. To build your short-term savings Short-term savings are meant to cover things like home repairs, car repairs, disasters and any other unexpected expenses. Need to replace your water heater or fix the newly fashioned dent on the back of your car? The money in your short-term savings fund is how you pay for those types of expenses. These costs aren't usually anticipated and most realistically, they aren't enjoyable to pay for.
If you don't have a savings establishedPto pay for these expenses, it can be really stressful to come up with the money at the time you need it. Start contributing today to a short-term savings. This will help you stay on top of unexpected expenses. 2. To build your long-term savings Piggy-backing off the concept of short-term savings, it's also good to contribute toPa long-term savings. Long term savings are intended to cover expenses such as paying for a continued education or buying a home. The more you're able to put down up-front (for either of these expenses), the better. Getting started can be as simple as putting away a percentage (10%) or set amount ($100) ofPeach paycheck. You'd be surprised at how quickly it all adds up. 3. Be comfortable Are you comfortable when your finances aren't doing well? We're willing to betPthe answer is no. Most people aren't. Studies have found that nearly 75% of Americans have stressed about money within the last month. Worse yet? The results revealed that over 25% of Americans worry about money on a daily basis ( ). No judgement,Pbut what kind of life is one filled with stress?
Do yourself (and your health) a favor and put some money into a savings account with every paycheck. When we're stressed about money it's usually because we need more and we're not sure where it's going to come from. If you save a little money from every paycheck, you won't have to wonder and worry. 4. Have freedom Ever thought aboutPquitting your job without having another one lined up? How about wanting a bigger house or newPcar? Having a savings gives you the freedom you need to be able to make those kinds of choices. In general, the more money you have - the more options you have. If you want to make a job change but aren't sure where your next step is, that's okay because you have your savings to tide you over for a little while. Want to upgrade your car? Go for it, you've already done the saving. The point here is, when you save money you're limiting your short term spending but actually maximizing your long term spending. A. K. A. - broadening your horizons. 5. Give yourself options Want to take a vacation or go out for a nice dinner? How about buy a nice new outfit here and there or take a class when you feel like it? PThese are just a couple of the choicesPyou can make when you're financially set.
PIt's easy to forget that options are a luxury. 6. Future security We're talking about retirement. We know this one's a given but we had to say it. (What kinda' financePpeople would we be if we didn't? ) Realistically, saving for retirement goes along with building your long-term savings. Then why did we separate it, you ask? Because it's that big of a deal. Really. If your money can't last as long as you, what do you do? We can't stress it enough - the importance of guaranteeing the financial security of your future. Any contribution today will help you tomorrow. It's important to have a dedicated savings account, 401K, IRA, etc. , that collects money for your retirement. The more you can save and the more often you contribute, the better. This is the epitome of "you'll thank yourself later. " Have a little motivation to get your savings numbers growing? We hope so. If you have any questions about what approach you should take to build your savings or how to get started, Por. Our staff of professionals can provide you the resources and answers to get you on the path you're looking for. Psst. Want more articlesPlike this?
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