Saving money is such an important aspect in life, it often is overlooked and left to the wayside. Money has a negative connotation in life, in that if we focus too much on it we are greedy and missing out on what’s really important. I say that is absolute rubbish, in fact, saving money and living a financially prudent life is how you can enjoy all those other qualities that life has to offer. Early retirement, freedom from debt, your own home, these are all benefits to saving and spending wisely.
I will be the first to admit that I work a lot of hours, not only at my day job, but as a blogger by night as well. I don’t do this for greedy purposes, rather I want to experience all that life has to offer. By making more money now one can later spend a great part of their lives devoted to family, friends, and charity. Saving money now is simply a means to an end, and that end is financial independence.
If you are currently in workforce and you don’t have a savings account then you need to rethink your financial strategy. Open a savings account today and stop delaying it. This virtually risk free safe haven for money is an absolute must when considering your entire financial portfolio. It is perfectly fine to put money into a tax deferred retirement account. It makes perfect to invest within a brokerage account to aggressively outpace inflation. But if you don’t carry a significant portion of your money in a savings account than you are missing out. Opening and maintaining a savings account couldn’t be easier, most can be opened, monitored, and maintained online. They are quite simply an easy place to save money that is highly liquid. Most other types of accounts have severe penalties for early withdrawal, they don’t offer convenient options to pay financial obligations, nor do you know in advance exactly how much money you will make in interest. Savings accounts allow you to withdraw money whenever you want, penalty free. Also, you will always know how much interest income you will receive ahead of time, depending on the amount you have stashed away.
Hopefully the examples above have shown you the benefits of savings, and savings accounts. If these are financial tools you aren’t currently taking advantage of then you need to rethink your financial strategies.