Savings Account: Do You Need One?

By Patricia W.  Smith, MS
Human Science Regional Extension Agent Human Science Extension
                                  
Do you have a savings account?
If your answer is no, consider creating a savings account to use for emergencies.
You will not regret it! Creating a savings account is a necessity.
It does not matter if you make a little or a lot of money, everyone needs a savings account.
Opening a savings account can be beneficial. It can cover unexpected expenses that may occur as a financial hit.
When there is no savings, an individual is subjected to borrowing money and paying high interest.
The interest you pay could be money you save.
It will take time, dedication, and discipline to build a savings account.
This means that you have to focus on depositing money into the savings account rather than making unnecessary withdrawals.
In order for your money to grow, you must make consistent deposits into the account.
Remember, “Time Plus Consistency Equals Growth” – Patricia Smith.
Having a savings account may be the most important difference between those who manage to stay above water and those who are drowning financially.