As the manager of your household’s money, you’re always trying to find the best ways to save for your family’s future – maybe for retirement, college tuition, home remodeling, medical expenses or just a few fun trips you’d like to take.
Savings accounts are a great foundation for your financial planning because they can act as emergency funds so that you have money immediately available, or as storage funds to help you save for a specific purchase. They’re a low investment risk and they earn interest.
VisualEconomics.com was established to help you plan for the future by providing information about savings accounts and how you can use them for your family’s benefit. The site has articles, diagrams, charts and graphics on everything ranging from investment rates and stretching your dollar to how the average family spends an annual income. The site also can connect you to institutions offering you the best high interest savings accounts.
Here are some facts about savings accounts and how you can make them work for you:
* Have at least three to six months worth of money deposited into a savings account or other savings venue that you can easily access without financial penalty. This is for situations in which you unexpectedly lose an income like an injury or a job layoff.
* Interest rates on savings accounts are showing the potential to increase. They have been low for the last few years, but financial experts are predicting a change soon.
* If you have children, look into setting them up with a child savings account offered at many financial institutions. These accounts frequently offer a slightly higher interest rate, but may also require a minimum balance or minimal deposits in a year.
* Credit unions and online banks tend to pay higher interest rates on savings accounts than national and offline banks.
* When reviewing a potential savings account, consider the requirements for minimum balance requirements or withdrawal restrictions.
Visit VisualEconomics.com for more information on how you can make savings accounts work best for your family.
Courtesy of ARAcontent
