Who Needs a Savings Account?

Saving money is something everyone should take part in; but not just by putting money in a mattress. Of course, this old-fashioned tradition can ensure you hold on to your precious nickels and dimes, but if a natural disaster or fire occurs, your trusted mattress – and money – are both out of luck.

If you are wondering who in your family – including yourself – should have a savings account, you’d be surprised to learn that anyone can benefit from opening one. Need more proof that this is true? Then let’s look at all of the people you know who can reap the benefits of these accounts.

Mom – Saving money can be a big deal for a mom who is trying to make sure that the kids and hubby are financially stable in the event that the hubby loses his job.

Dad – Often times, the dad is the primary breadwinner and feels the pinch substantially if bills increase or if he or mom lose their sources of income. By saving money in portions as it comes in, he can help prepare his family for an unforeseen emergency.

Kids – Did you know that kids also should have a savings account? It’s true! The sooner they begin putting away money for their retirement nest egg, the sooner they can take advantage of interest returns that can increase substantially by the time they use it after retiring.

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Aunt/Uncle – If you know an aunt or uncle who enjoys storing money in the back of a television set, or in the attic, you may want to let them know they should have a savings account. Not only will they have cash set aside for an emergency or hardship, they can also have a small fund set aside for great niece/nephew gifts.

Professional – As a professional, you want to take advantage of investment opportunities that are risk-free. Saving money in a bank is a great way to make sure that you hold on to your money, gain interest on it, and run virtually no risk of losing it thanks to FDIC insurance.

Business Owner – There is no doubt that a business owner should have a savings account for personal use and for the business. Both accounts can gain compound interest. And by having two, there is a distinction between personal and business finances.

Pretty much, everyone saving money should have a savings account. So don’t wait another minute. Open yours today!

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About the Author

Stacey Bumpus

Stacey Bumpus holds both her Bachelor and Masters degrees in Communications. After spending years in corporate communications, she discovered freelancing was really her cup of tea and fell in love with finding and writing about the latest financial news. Now, providing news and tips about banking, mortgages, taxes (and even logging her own efforts to save for retirement), she’s not only fulfilling her lifelong passion, but also helping others manage their finances responsibly.

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Who Needs a Savings Account?
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