subject: Use Online Savings Accounts To Save For Specific Goals [print this page] Everyone has set financial goals for themselves in their lives. Many people want to buy a home or put their children through college. Others want to own a business or just save for that Mustang they have been drooling over. No matter what your financial goal is, you should have an online savings account earmarked specifically for that objective. Every savings account should have a specific purpose and a nickname to help remind you just what you are saving for.
Online Savings Accounts Should Have A Name
Every savings account that you own should have a purpose. What are you saving for? Are you saving for a down payment on your dream home or saving for that vacation to Disney World in Florida? It is easier to save for a specific goal rather than just save money in general. Everyone knows that they should have an emergency fund set aside for the inevitable rainy day. But, how many people have actually named their emergency fund? Many banks let its customers assign a nickname to call an account so that you can see your goal online on their website and feel like you have a great target to aim for with your savings. For example, my wife has an account named Hawaii because she is planning for us to go there on our tenth wedding anniversary.
Open An Online Savings Account For Each Goal
Every financial goal that I have has its own online savings account. My down payment for my next house, my vacation this summer, and even my dream of one day owning my own small business has its own separate savings account. Separating specific goals away from your main emergency fund savings account that you pay our household bills with will help you focus on that specific financial goal. Online savings accounts are the perfect place to open multiple accounts for specific financial goals. Separate accounts will also help you prioritize which ones to fund first every month, and you can set up automatic deposits to help as well.
Online Savings Accounts Are Easy To Open
Many online banks allow its customers to open an online savings account with a low opening deposit, some as little as $25,and usually do not require customers to maintain a set minimum balance. This provides customers with a large amount of flexibility in creating multiple accounts for several different financial goals whether your goals are family vacations, paying off debt, or saving for a new car. You can also set up automatic transfers to add deposit into your online savings account every month from another checking or savings account to help you fund your financial goals. Online savings accounts are a great tool to help you accomplish your financial goals and dreams.
A person without a goal or a dream is like a ship without a rudder, adrift. Online savings accounts that are specifically nicknamed and earmarked for certain financial objectives can you realize your financial dreams and help you accomplish them. Everyone should have several online savings accounts opened and earmarked for things that are separate from an emergency fund of three to six months of expenses. Doing these things will help you keep your savings goals in the forefront of your mind.
by: Hank Coleman
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