Why a Savings Account is so Important

We all know that saving money is a good idea.

 But in some cases, people feel they don’t have the time, income, or strategies to help. That’s why Affinity Bank is taking some time to cover the subject. This is in addition to the savings account options we offer in our services list.

There could be a number of personal reasons that require you to put cash away. There may be a big purchase you’ve been eyeing that you’ll need to prepare for. And of course, there’s nothing wrong with having some spare cash set aside for a rainy day. Either way, you should be saving.

Keeping Track of Your Savings

First, it’s good to chart out your savings plan on paper. Documenting these efforts is a great tool to keep your savings account on track. A good rule of thumb is to take whatever you have left over after taking care of your monthly non-negotiables. This includes rent, utilities, your grocery bill, and so on.

Speaking of which, it’s a good idea to build your savings account to the point that you have anywhere from 90 to 180 days worth of bills covered. Let’s say you’re looking to purchase your next vehicle. This is a huge commitment, even if you are able to secure a good financing deal. The same goes for home buying.

How Affinity Bank Helps

Another great opportunity that a solid savings can assist with is tuition. People of all ages can pursue higher education at any given moment, if they have the proper finances to cover it. Again, your savings account is a great resource in the event that this is the path you choose.

Regardless of why you need to save, it’s good to have a savings home you can trust. That’s where Affinity Bank comes in. Contact us today to learn more.