Savings Account

Everybody should have a savings account and start putting money religiously. In order to be successful, most experts say that you must pay yourself first before your bills. This means that you have to prioritize saving money so you can accumulate enough for emergency funds, enough money that when there is a good opportunity to make more, you are ready. Savings are entirely different from investing. But you must start saving first to get started with investing. Savings gives you the flexibility for emergencies and it also enables you to take advantage anytime of possible profitable monetary opportunities that you could miss it if you have no savings at all. Savings account should be separated from your daily spending to avoid temptations due mostly to immediate gratifications of the things we want to have. In order to save, spend less than what you make. Buy only things what you need and not what you want. Some people might disagree with me. Some people will say you have to enjoy life.  What actually we are doing is deferring some of the things we want today so we can get more things in the future and that feels more enjoyment to me. Having enough savings can also protect some of your assets. Money that is considered savings is often put into an interest-earning account where the risk of losing your deposit is very low. The only negative on savings is the growth is limited. It is only a stepping stone to move to a higher growth interest account and that is investing.