7 Savings Accounts All Families Should Have

Are you saving for the future? If not, would you love to save for the future? Of course you do! The problem is people open one account and all their money goes into there. That doesn’t help them deal with their finances and determine the reason for their savings. They then spend money that they shouldn’t for luxuries and struggle with an emergency. Here are seven separate accounts that you need to have!

An Emergency Fund

This is essential. Even if you are in debt, put some money to one side to save up for an emergency to stop you getting into more debt!

It doesn’t have to be a lot but make sure your account is labelled the emergency fund (or something similar) so you know you have it there should your boiler break or your drains block.

A Rainy Day Fund

There’s nothing worse than being stuck inside when it’s raining. When it’s sunny, you want to get out and enjoy some family time. The problem is that many things cost money.

Having a “rainy day fund” is a great way to put some money to one side just to spend on days out like this.

You could opt for doing something once a month, come rain or shine, or save it for the next time you want to get out of the house in the rain!

Accounts for Each Child

Your children cost a fortune, yes, but saving up for them is a great way to help them out in the future. They could spend the money on their tuition costs or as a deposit on a house.

It sets them up to start with to avoid them getting into debt from the start. You don’t need to save a lot but make sure each child has his own account – and save the same amount each month for each child.

A Retirement Fund

This doesn’t necessarily have to be a traditional savings account. There are lots of options for a retirement fund and banks have special accounts designed for this.

Think you’ve got a pension through your workplace? You never know when something will go wrong and it is best to be safe than sorry.

A House Fund

Everyone wants to buy their own home. When they buy their home, they want to buy a bigger and better one!

The problem is the deposit. Have an account specifically for a house fund so you can save up for the future.

 

 

 

 

 

 

 

Luxury Fund

As well as houses, there are cars, computers and many other luxuries that people want.

Instead of spending money that you don’t have and getting into debt, save up for it. It will cost you less in the long run and you will enjoy it more.

A Holiday Fund

Treat yourself and your family to a holiday once a year.

The best way to do that is set up a holiday fund so that you know exactly how much you have to use booking it and while away.