Saving Money Why you need to have a core savings account!

[Bookwormlux]

A core savings account is one that would enable you to be able to save very high amount of money within a specific period of time, without getting to spend it easily , especially on things that are not necessarily important to you .

It's easy type of accountable you to have a high sense of financial discipline, especially with regards to your being able to save money .

It is not really going to make sense for you to think that you can use your normal bank account to save some money .

This is because , you always have access to such account and it will be very easy for you to feel tempted to use the money that is in the account any day you want to do so .

This is the major reason why you should, as an individual, try as much as possible to make sure you have a core savings account , where you would be saving good amount of money in it .

An account like this would enable you to make sure that you are not just spending so much without having anything to save .

The best strategy for this type of account is to make sure you do not collect any credit or debit card for the account at all .

 

[Ithedicious]

Thank you for sharing, personally I have two bank accounts , the first one is a bank account I use on daily basis and here I save just a little amount of money I will be spending and that is all. This is the money I will be using to recharge my phone and to do some simple activities like data subscription and so on, in this bank account I do not really have so much money because if I save it here I am likely to spend so much and at the end of the day I won't be able to save a single penny.

And also at the same time I have a second bank account which is my core saving account, here I do not even have a card to even withdraw in this bank account from the POS or ATM. whatever amount of money I have I will just pay in to the bank account and I let it be because that is just the only way I can be able to keep my savings at the right proportion.

If I don't do with this way I might likely consume and spend money by on what I don't just want to.

 

[Bookwormlux]

@Ithedicious This is a very good strategy and I believe that it is really working for you and that is why you have decided to stick to it for this long period Of time that you have been using it .

I personally also believe that a lot of people need to embrace this kind of saving strategy because it is almost the best option and should not be taken for granted at all because there are so many benefits are presents with it.

People need to also make sure that they think outside the box, by making sure they do not spend everything they have in their bank account because this is not something that makes sense .

As a matter of fact , the amount of money and individual saves goes a long way to show how they will be good at making sure that they can be able to handle any financial challenges , or emergencies that may present in the future .

The advantages of a savings account can never be overemphasized and this is the major reason why people have to give it a thought , so as to not continuously try out other strategies that are not working out for them.

 

[Sotherefore]

Well I may not really needs it for now, the reason is because I don't have the interest to be saving my money in the bank, but I rather save my money and invest the little money I have in cryptocurrency and that has really helped me in so many ways, but talking about saving money for long-term purposes in the bank, to me I consider it to be a waste of resources because I could have invested that money in something reasonable and that would have generated me some profit within that period of time I invested. That will really help me to cover the depreciation in the value of my assets.

It was then that I have the understanding that saving money in the bank was actually the best option , but as I got to understand more about cryptocurrency and the blockchain technology , I have come to understand that saving money in the bank is a waste of time especially the type of money you won't needs for long term.

Well it all depends on people, investing in real estate is the best for me if I have the required money , but if I don't have I rather invest in cryptocurrency.

 

[btaliat]

There is need to have core saving account as stated by the poster and if I am not mistaken, it should be better it goes for fixed account instead of core saving account. Since when you have fixed account, you wont be able to use the money deposited in it till the aportioned time.

The very first need to have the core saving account is the fact that it is a good culture to have have saving culture. We need to learn how to save at least some percentage of our monthly money or any money that we have. This is because it is not always that we will be having much money.

Saving will always make us responsible. I do see some people wasting money on some things that are avoidable in the first instance. And I do easily conclude that they don't always have saving account which is very bad. No one can predict the economic situations of a country. That's the reason we need to be saving to meet up with daily transactions.

The strategies using in saving may however vary. Personally, I do make sure I save first before i spend. This has made me to save considerable amount of money.

 

[TOZZIBLINKZ]

Individuals that clams that they are saving money but yet they saves money in their respective homes , are actually putting themselves at the risk to spend and also putting themselves at risk of losing their money to crime indulges like arm robbers . that is why it is advised to have a saving account in the high-security best bank institution normally known as a commercial bank so as to provide the security and management that your money need to be in safe hands .

Having a saving account is very helpful because it give you the peace of mind that your money is in safe hands and also you must make sure that the bank that you create your saving account is a bank with high security base officials so as to make sure that your money does not have the potential to be lost or stolen . Everyone have the privilege to own a saving account even student and college goers have the privilege to own and control saving account of their own so as to save money and do not have to dwell on their parents and guardians to fend for all of their physical and material needs .

 

[Lens1000]

We should always stress the importance of saving part of our money. It is equally important that we take the saving habit is a very important thing to do , most especially, if we work online full time. This will allow us to account for the total amount of money that you have made at Regular intervals. The intervals could be monthly, weekly, depending on the choice of the individual. For me, I don't really have savings because my needs are very much and I have to be able to meet up with the needs. In this regard, I cannot really save the amount that I made, despite the fact that I strongly believe in saving. The power of savings is very enormous because it will provide you a soft landing when problems come. We also save to expand our business. Starting a small business and managing if well will call for expansion. How do you expand without having enough money to spend. This means we could use the saving for business expansion. It could also be use to cater for unforeseen occurrence. So.many things happens in our life, things that are unexpected and we will have to be able to solve it.