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7 Reasons to Open A Savings Account when you start earning

Financial planning is an important part of anyone’s financial life. One of the most important steps, when you start earning for the first time, is opening a savings account

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7 Reasons to Open A Savings Account when you start earning

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  1. 7 Reasons to Open A Savings Account when you start earning

  2. Introduction • Financial planning is an important part of anyone’s financial life. • One of the most important steps when you start earning for the first time is opening a savings account. • One rule that most people follow is setting up their savings and investment avenues when they start earning.

  3. Investment avenues specifically are investing in mutual funds of opening a fixed deposit. • Saving avenues most traditionally are opening a saving account. • If you are just entering the job market and are ready to earn your first salary, here are 7 reasons why you should open a savings account first

  4. Safety • Putting money into your savings account is the best way to keep that money save. • There is a definite place the money will be, and it is safe since it is not in liquid form in your home.

  5. Accessibility • Having a savings account will make the money very accessible to you in times of need. • It is the perfect balance of having the money but still not physically having it.

  6. Emergencies • When in times of an emergency, you can easily go to your account and withdraw the money you need. • Some banks offer a zero-account balance requirement which basically gives you the leeway to withdraw the entire sum in case of major emergencies.

  7. Big Ticket Items • When you have been saving up to spend big ticket items, you have the ready corpus that you can withdraw from your savings account to be able to pay for that purchase.

  8. Contingencies • Life is unexpected and, so you are bound to be faced with a situation which will require you to withdraw money in a giffy. • In such contingencies having a savings account will come in handy.

  9. Interest • Having the money in your account also means that you are eligible to earn a certain amount of interest on that sum. • This is a major encouragement for some people

  10. Financial Habits • You will be compelled to encourage some smart financial habits into your system. • This will only further benefit your financial planning. • Set a target in your mind and stick to it. • In no time you would have saved up enough money for your big ticket spends

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