The sooner you start saving up, the higher your chances of becoming financially-healthy. Industry experts suggest that ideally, people should begin building a savings account as early as their 20s, but this doesn’t mean it no longer works for you because you’ve already passed that age bracket. In other words, there is no better time than now to begin a savings account.
There’s just so many benefits that a well-maintained savings account can give you, and Palmetto Citizens Federal Credit Union shares some of them:
The road to building wealth
Almost every person who now enjoys financial freedom started out small: with just a few dollars. It may seem trivial, but every dollar you put into your account helps in paving the way to your financial freedom.
And as you plan for more significant investment ventures, such as real estate or stocks, there is no other better way to start profiting and benefiting from your hard-earned money than through a personal savings account.
Safety and accessibility
Having a savings account with an FDIC (Federal Deposit Insurance Corporation)-insured bank is one of the safest ways to safeguard your money. You definitely wouldn’t want to keep all your savings at home, where there is a possibility of someone stealing it.
And you don’t have to worry in the event you need access to some of it. You can quickly withdraw what you require, whenever you wish to. Just make sure that you fully understand the withdrawal terms, as some accounts have a limit on the number of times and the amount you can take from it.
Protection against emergency expenses
Life is a mystery, and mysterious things, such as accidents or ailments can happen to you. However unfortunate they are, it’s something that you should think about and prepare for. And a critical aspect of planning for is the unforeseen expenses they bring.
With a savings account, you have a back-up that will help you pay for these emergency expenditures. And seeing that you have money you can access, you can avoid taking on more debt than necessary.