This is your friendly reminder that it’s important for you to have a savings account. I know, I know, at this point every knows they need to have one, but very few of us make it a priority. I personally didn’t start putting money into a savings account until last summer.
That is- I didn’t put money into a savings account that wasn’t attached to my checking account until last summer. Let me tell you- having a savings account that isn’t tied to your bank account is a game changer, but more on that later.
Here are a few reasons to stop putting off having a savings account:
1. Comes in Handy for Life’s Events.
We all have things in life that we may want to achieve. It can be a successful career in something you’re passionate about, getting married or retiring by 40.
These all are costly big life events and having some extra funds in your bank account will make this easier when it comes around. With a wedding, there are big costs like caterers and wedding bands to think about.
2. Useful In Emergencies.
Life is unexpected and therefore things can happen that are out of you control. An emergency fund is something usually separate to your savings account but if you don’t have the financial ability to have both then you should at least have a savings account.
This will help cushion the blow of this unexpected payment that’s needed. Whether that’s your boiler that needs replacing or a family member running themselves into debt.
3. Allows You To Live More Comfortably.
Having some financial backing certainly allows you to live a little more comfortably. Not only that but it’s good for your mental wellbeing, having not to stress too much about not having enough money to help you in a financial situation or simply paying your bills each month.
Money can end up controlling your life, however, it’s not as controlling when you have money in your account that is going spare.
Living more comfortably in life will also make it more enjoyable. You can end up treating yourself and enjoying the finer things in life that add value to your life experiences.
4. It Keeps Your Money Safe.
As long as you are spreading your savings, putting it into a bank account is safer than keeping the money in your home or on you.
There are obviously risks that come with banking with any bank but the security and benefits far outweigh any potential negatives.
5. You Can Track Your Spending.
With a savings account, if you attach any bills and monthly outgoings like your rent or mortgage payments, it’s a good way of tracking your spending.
You are also able to earn interest on some savings accounts, which can be handy for earning a little extra money. It’s not likely to be a lot but every little helps!
And when it comes to a savings account, you can also link this up to other apps that help you manage your money with even more detail.
Having savings gives you a purpose in life whether you spend that money on yourself or you are saving it towards the future of your children. Start saving now and you’ll be sure to have a more comfortable life because of it.