The culture of saving is developing in early age, so it is advised that parents take caution about their children and raise them in the spirit of saving. It is fair enough even if you encourage them to start saving in very small, symbolic amounts, so the children will originate the habit of saving. In this way children will grow up as responsible persons and they will know how to handle their finances in best way.
So, savings is not the obligation, it is the matter of will and discipline, and also the matter of financial stability of your family in the future. It is rare that someone can boast that it has so secure job that he doesn’t need any savings.
Here are some useful tips that speaks about savings, which will help you to understand savings, and maybe to encourage you to start saving no matter how old are you or how much money you are able to deposit to savings account.
If you are capable to abstract some amount of your monthly income, you should think about your future and start saving. If you have some cash in your „mattress“ you can calculate what would you get if you have deposited that amount into bank savings account.
Inquire around which tapes of savings there is, and gather information about conditions that are offered. Every bank has similar but yet different policy about savings, that could directly influence your decision.
Find out possible interest rates and amounts based on your available funds for savings account, but also, make sure you get familiar with all risks that comes with different ways of savings, and choose the one that fits your needs most of all. If you are not sure which one to choose, you should consult with bank clerks about your position and possible option of savings.
Savings account tips
Remember that it is never too late to start saving, and there is no small amounts in that process. All you need is to be persistent and the result will come when the right time comes.
Don’t forget that every savings program needs to be followed by rational expenses, and by that it is meant that you need to pay attention to every cost you meet. So, shopping list is one thing that you might find handy for handling unwanted costs that every shopping can bring.
Make sure that you use only those saving methods that you really understand; it is not advised that you handle everything to bank or others.
When it comes to bank, before you start with your own savings account, you should check every detail about types of savings that exists, what is the interest rate for each one, what is the terms of saving and is there possibility of withdrawal before deadline and so on.
Ask the bank clerk if the interest rate is fixed or flexible, and what are the elements that have influence on it.
Ask the bank clerk whether the bank uses conform or proportional interest rate, and what is better for you, eg. What type of saving will bring you more interest at the end.
Check out if you will be obligated to pay any income tax after the session is over, and what is the percent of tax in compassion to the interest earned.