There's no denying that starting a family is an adventure. There's a lot of learning as you go, and keeping an eye out for life's surprises is practically a full-time job on its own. While it may be impossible for your family to be completely prepared for whatever life has in store, many families find opening a savings account is a good place to start.
Consider opening a savings account as a first step in getting serious about your family's financial future. A savings account can be used for all sorts of purposes: a vacation fund, a place to stash cash in case of emergencies or a financial foundation for your children's higher education. If you have multiple savings goals, you can even start separate savings accounts for each of these goals.
After you've determined your savings goals, think about how you want to save for them. Many people find an automated savings plan makes saving easier. Automating your savings allows you to set up recurring transfers from your checking or other account to your savings account on a regular basis. You usually can set it up to occur as often as you like—every week, every other week, or once a month.
Some families find it useful to involve their children in saving, particularly when the end goal is something the child is interested in. For instance, if you are starting a vacation fund, show the child how saving a little bit over time can result in a big balance.
Even if you don't have a specific savings goal, opening a savings account and setting aside money each month is something most finance experts agree you should do. Having extra cash in a separate account can allow you to cover any unforeseen events without having to resort to using your credit card or taking out a loan.
With an Ally Bank Online Savings Account, you can open and fund with any amount and earn some of the most competitive interest rates in the country. We don't charge monthly maintenance fees and your deposits come with the security of being insured by the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law.
Learn more at Allybank.com or call live, 24/7 customer support at 877-247-ALLY (2559) today.