Wednesday, March 24, 2010

Using savings account wisely

Many people have a problem using a Savings Account and therefore don’t find themselves using it at all. It is possible to use it and not even know that you have. Here are a few tips to help you not only setup a Savings Account and make it work for you.

First, go talk with your bank. Sit down with an Account Specialist and find out what options that they have available to you. Many banks today have the ability to take your direct deposit and automatically move some of that money into a Savings Account for you. They may require that you get in touch with your employer and fill out a new Direct Deposit Form but if it helps you to save some money it is all worth it. Then each time you get a direct deposit some money will get deposited into your Savings Account.

Additionally, your bank may also have the ability to take an amount of money each month and deposit that directly into your Savings Account. By setting up this auto-deduction you won’t have to think about making the deposit and you will find that your Savings Account will get its money each and every month.

Having a Savings Account is really important for you and your family. It is the start of building an Emergency Fund. Having an Emergency Fund is important in building a good financial picture and having good credit. Staying out of your Savings Account for anything other than a true emergency is often difficult to do but it is really important that you learn to leave it alone. Money in your Savings Account can help you in many ways if you learn to control your urge to use it.

So setup a Savings Account and make a deposit to it each month. This will not only help you financially it will help you learn to manage your money. This money management will help you build up your credit score. Having a Good Credit Score is very important in today’s economy.

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