Why Should You Open a Savings Account?

Unless you’ve been hiding out in the wilds of New Guinea, or trekking across Antarctica, you’ve heard all the scary stories about the state of the nation’s economy, and how bad everything has become. Every day it seems like we wake up to more bad news about failing banks and rising unemployment. As a result, everyone is feeling somewhat anxious about the future. That’s why it’s a good time to start thinking about your savings and overall economic well-being. If you don’t have one, now is the time to open up a savings account.

There are many good reasons to open a savings account. As everyone knows, there are good economic times as well as bad. There are also times of personal crisis – hopefully, not too many. When we experience one of these personal crises, or when the economy starts to falter, it makes us feel a lot better knowing that we’ve got money set aside for an emergency. After all, what could be worse than being unable to respond to a crisis in the way we want, because we don’t have the resources for it? Our very lives could be changed forever.

It’s also easier to save when you have a savings account. Because it’s as permanent as you want it to be, you can make deposits whenever you can, and for any amount. That way, you can save up a lot, gradually, over time. You won’t feel it as much because you won’t be putting aside large amounts of your hard-earned money. (That is, unless you want to.)

For example, let’s say you’re a new parent. Your little infant daughter is going to go off to college some day, and it’s going to cost quite a bit. With a savings account, you can start putting money aside every month to pay for it all when the time comes. Same with an exciting trip to Europe, or a new car. Savings accounts can be for whatever you want them to be.

While you may have less money in the short term, by putting as much as you can into a savings account, you’ll have incomparable peace of mind knowing that you’ll be able to weather a personal crisis or experience an incredible personal dream.