Everyone wants to gain financial freedom. Some people aspire for better jobs. Others take the risk by putting up a business and become entrepreneurs. When you receive a paycheck or profit from business, you can set aside a certain sum of money as part of your savings. Your savings will grow in time as you continue to earn money. Having a savings account can motivate you in your goal to save more.
Opening a savings account is free and easy to do. Choose a bank that you are familiar with. This can be a big bank with a good reputation. You can also ask a friend or relative for a referral. This will also give you a few details of the banks around your area. Read the business section of your local paper where you might find more information on banks.
Make sure that you have valid IDs with you since you will need this to open a savings account. Prepare an initial deposit amount as part of the requirements. Visit your chosen bank and speak to a bank representative about the type of savings account you want. You can choose between a passbook or statement savings account. They just differ in the way transactions are recorded. A passbook savings account lets you keep a small book that you need to bring every time you make a deposit or withdrawal. A statement savings account means your transaction records will be printed on paper and sent every month.
Access to funds anytime
Take care of your savings account. Think of it as a huge piggybank that needs to be fed every payday. You get to earn interest annually from your savings account as well. Remember to not let your savings account be below the maintaining balance or else a bank fee will be deducted from your account. Aside from keeping your money secure, you now have a passive form of income however little it is. When you want to buy something but you can’t afford it right now, just save for it. As time passes, you will notice your account getting bigger. You can then withdraw an amount to buy the things you can now afford.
Having a savings account teaches you how to manage your money for the future. It also inspires you to save since you want your savings account to increase. It teaches patience as you budget your needs and expenses. When you need money because of an urgent need, you can always go to the bank and withdraw a portion of your savings. Your savings account can be your source of emergency funds when cash on hand is not available.
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