Savings Accounts
Suggesting you to save your money in saving accounts may not sound too attractive, especially when some authors offer ways to become millionaires. But, here's a thought: If you're aiming towards a big goal, but still leave your money lying available in the bank, you'll probably end up spending it all on various expenses and you might never achieve your goal. With saving accounts you could reach a large amount of money within a few years, without any effort, or at least very little effort. You can replace your car, buy or replace your house, take your family to a vacation abroad, or use it for an emergency case like surgery (which I hope you won't be needing). Don't underestimate saving accounts; they're not risky as investing in stocks. Although the value of money is decreasing all the time, if you have no real knowledge in the stock exchange market, you better not get into it, otherwise you may lose a lot of money.
Very soon I hope to have at least three different saving accounts. The first will be for a vacation I am planning to take, the second will be for household emergencies, and the last one will be just for me. Though I have always tried to have at least one account to put away my money, it seems that I might be better off with three separate accounts. If you have many different things in your life that you wish to save for, this could be a solution for you too.
When all my money is in one account, I seem to spend it more easily. I believe that having three different saving accounts for each of my purposes might help leave my money be. It's not like spending money comes easy to me, it's rather accompanied by chest pain..., but regardless, I always seem to find a way to spend it. I hope that having more saving accounts will allow me to leave my money alone. After all, out of sight is out of mind?
You may also want to have several different saving accounts for your children. I only have one daughter right now, and she has three savings accounts. One was opened by me and the two others were opened by her grandparents. The money will be hers once she goes to College. I don't even plan to tell her about the accounts until she has a real need to use any of them. If she won't know what's in there, she will be less likely to beg me for things that she doesn't need. I remember when I was a teenager and there were so many things I was dying to have. Now, I wish I had saved that money towards my college education.
Saving accounts are a great way to save money for almost anything. The best thing about saving accounts is that they come with interest. The more money you have in these accounts the more interest you'll earn. You might be surprised at how much interest you can make if you leave your money in your savings accounts for five or ten years. Even small amounts of money will have a nice revenue if you just leave it alone. They may not be the best way to make money on your money, but it is certainly better than nothing at all.
