Starting a personal savings account:

Personal savings accounts are not just places for children to store their excess birthday cash. They are very useful for adults as well. In fact, they are necessary if you want to be prepared for any unexpected circumstance. Personal savings accounts are bank accounts that hold your savings. It is not advisable to keep all of your money in a personal savings account, but it is important to have at least 2-3 months worth of your current salary to protect yourself in case of job loss or other emergency.

To get started, it is as easy as going to your bank! They can help you set up a savings account, and explain how you can deposit money to your new account. It is easy to fill that savings account with money! All you need to do is take 5%-10% from each check and deposit it into your savings account. If you can put 10% into your new account every month, you will have a nice cushion in just 2.5 years! If you would rather use this money to settle your current debt, that is okay too! It is your money to do with as you want. Enjoy your new savings!

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