Saving For A Rainy Day

Building A savings account is very important. One can save as much or as little as possible but no matter where you get your financial advice from, building a savings account is also among a list of things of building one's net worth. Start small. If all you can do is $10 everytime you get paid, do that. If you can do $25 one week and $100 another week, do that. Also look into savings account with an annual percentage yield (APY). Savings account with an APY will allow your saved money to grow as opposed to an annual savings account where the money just sits there. There are some savings accounts yielding as much as 8% above what you're putting in the savings account. If you were to put $1000 into one of these accounts and added nothing else, after a year, you'd have $1080 in the account. The second year you'd have $1166.40. Imagine what would happen if every time you got paid, you put in $50. If you get paid bi-weekly. The first year, you would get $2464.
($1K (Original Deposit) +$1300($50 x 26 times you got paid in a year)) x1.08=$2464
The second year, you' would yield $4086.72.
($1K (Original Deposit)+2600)x1.08=$4086.72
Times are too tight not to cover yourself with a savings account when the rain begins to poor or if life causes you to retire sooner than you think. Also, if you have children, this is a good way to save their college tuition. The need for a college education in order to maximize one's life is not going away anytime soon.
Save! Save! Save!

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