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Where to Keep Your Savings

Money, Money, Money � it seems like you are going to work all your life to create a savings account but then you have to also worry about where you are going to put and keep your money so that you have it for when you need it most. Savings accounts are created for times of emergency, for retirement, for college plans, for babies and for adding on the house, the list never ends. 

In this article I want to tell you about some places you can keep your money so you can access it when you need it most, and so that you will remember where you have it all the time. When your savings accounts get to the point that you don�t want to have access to so much money at one time, you can put it in other places like stocks, bonds and so on, but for now we are going to focus on where you can put the money you want to save and to add to for your own purposes. 

After you have established a budget for your family it is important to start some type of savings. The many places you can keep your money will vary by how much you are starting out with, but the basic gist of where you can keep money include: in a checking account, in a joint checking account, in a savings account, in a joint savings account, in a drawer, safety deposit box, or in a shoe box in your closet. While these may seem to be the basics of information you might be surprised at those who are storing their money in their car, in their wallets, or in the trunks of their car. 

The safest place for your money is going to be in the bank. The bank has an insurance policy so that no matter what your money will be there when you want to go and get it. While you may not like some banks, you can always investigate banks to find one that you might like. 

What to look for in a bank: when you are looking for a bank for the first time to put your money into, you should be looking for a bank that does not charge you a fee to put it in the bank. You should not pay a monthly fee on an account that is your money in the bank. 

Look for free checking, free savings and free safety deposit boxes. Some banks will try to charge anywhere from three dollars to ten dollars a month for you to have a checking account, but this is just not in your budget � don�t do it! Larger accounts that require more maintenance or where hundreds of checks are being written should pay to have their accounts organized, but if you are creating an account where you are writing less than twenty checks a month or you are not going to withdraw for several months at a time, you should seek a bank that is not going to require a monthly fee. 

What you should want most when you are deciding about where to put your money is how often are you going to be able to access your money? If you store your money in a drawer, you might be more tempted to spend it. If you have to get to the bank and physically make the time to make a withdraw you are going to be less likely tempted to take out the money you are trying to spend. 

One of the reasons why putting your money in a shoe box, in a drawer or in your car is worrisome is that you can be robbed, or your house could burn down taking your savings with it. No matter where you live and what you think your neighbors are like, there is always that chance that a stranger is going to find their way to your house, your car, and your money. Even if your house were to burn to the ground, your savings will still be in the bank, and then all you have to do is get to the bank and take it out. 

When you are starting a savings fund, you might want to keep your money in the house for the first few weeks or months while you start to build up a larger amount. Making a deposit after you have a larger amount will make you and your families feel great about the good start on a savings that is started.