With most people having a steady job, you may sometimes wonder if you need to have a savings account. To understand this, let’s look at a couple of points.
The most probable scenario of you working abroad is this: you work for one full month, you get your salary at the end of the month, and you start the expenses: sending some money home to loved ones, and saving some for your own needs. Usually, by the time the month ends either you or someone from your family may end up in need for more money. However, having a savings account may make things a bit easier on your side.
What is a savings account?
A savings account is one you use specifically to set aside a given amount of money every month. This money is your emergency go-to fund, your pledge for realising some dreams.
What are the advantages of a savings account?
This account is very secure. All your investments are safe. Besides, there is the advantage of interest rates. Most savings accounts have the option of being enlarged, offering interest rates at the same time. Besides, life is quite complicated and you never know when you may need some emergency funds.
How do I set aside money for a savings account?
Make it a rule of thumb to set aside at least 10% of your monthly income for your savings. Actually, it is better to save up to 20%, with 10% as your emergency fund and the other 10% as money for plans and dreams.
Are you planning to have a savings account? We at WorldCom Finance can be of help. Make sure to use the best options and get the best rates for your investments.
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