Importance of Savings Accounts

According to a recent study done by Assets and Opportunity, only about 68.8% of households have savings accounts. A large portion of the US underestimate the importance of a savings account. Here’s 3 reasons why you every American should have one.

  • Prepare for unexpected expenses

Everyone needs the safety net that could help them with unexpected costs such as car repair, home repair, doctor’s bills, and many more. Most financial experts recommend having 3-6 months’ worth of savings that can be accessed at a moment’s notice.

  • Built wealth

Admit it, we all have that one car we wish we could have someday, or maybe you just want to go back to school. The only way you can do that is if you save your money until you have an adequate amount. If you allocate your money to a separate account where you cannot accidentally spend it, it will grow until you can accomplish whatever your financial goals are.

  • Create good habits

Setting aside money in a savings account can help you from spending it impulsively. Creating the habit of putting aside money regularly can give you peace of mind knowing you’re making good financial decisions.

Once you have opened a savings account, one of the best ways to save some money is to automate your savings so you don’t have to remember to set aside money every time you get paid. There are many innovative and easy-to-use automated saving tools that can help you save automatically, and can make saving money almost as easy as spending it.

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