Ever since you were little you’ve been told to save your money. Remember the excitement you’d feel finding extra change lying around and adding it to your prized piggy bank? Or, how about the sense of pride you felt when you opened a savings account and deposited a portion of your first hard-earned check?
As time goes on, it’s easy to view saving money as a mundane task, but it’s time to change that mentality! Below are three reasons you should love your savings!
A savings account can help you save for some of life’s greatest milestones, beginning with your education. Setting money aside at a young age can help to eliminate the financial burden of attending college, allowing you to focus more on academics and internships (which are often unpaid).
Another one of life’s milestones is buying your first home. No one wants to be in the position of finding their dream home but being overlooked for having an insufficient down payment. Having money set aside for buying a home will allow you to have a better position when it comes to negotiating a price, as well as helping with the monthly payments that follow once you close.
Sure, this doesn’t sound exciting, but emergency funds are there for you when you need it – like a dependable friend! Without a doubt, you’re going to run into some speed bumps so it’s better to be prepared for whatever life throws at you. It could be anything from an unexpected medical emergency to the loss of a job, whatever it is, you’ll be prepared with your trusty savings account!
Now that we’ve talked about your financial responsibilities, a savings account can also help you have some fun! You know that European excursion you’ve been wanting to take? Or, how about a new boat for you and the family to enjoy? With a savings account, these experiences are possible over time!
It’s important to remember to start small, and to remember that you’re not alone. According to a CNBC article, more than half of Americans (57 percent) have less than $1,000 in their savings account – but that doesn’t have to be you!
You can begin to beef up your savings by contributing 20 percent of your monthly income to a savings account, while 50 percent goes towards essentials and the other 30 percent toward other personal expenses. If the 50/20/30 rule seems a little too aggressive for you, try setting aside $50 every month – that’s a little over $10 per week. Something as easy as packing your lunch one extra day every week can get you on track to your savings goals!
Want to maximize your savings? Use our consumer savings tool which will match you with the Two Rivers Bank & Trust savings account that fits your needs and lifestyle, or talk to your personal banker at your neighborhood branch and we will help you with everything from a savings account to figuring out a reasonable budget.