As we continue into the year, it’s a good idea to schedule some time to review your financial health. One step you may be thinking about taking is starting or growing your personal savings.
Consider these benefits of a savings account:
Spend Without Borrowing or Using Credit
A savings account can help when you need to make a purchase outside your normal spending habits, without accumulating credit card debt, taking out a loan, or having to borrow from family and friends. It could be used to purchase a new piece of furniture or to update your wardrobe when you make a career change.
Cover Your Unexpected Expenses
A savings account can help ease stress during tough financial situations. It could be used to cover living expenses during job loss, unexpected medical bills during a medical emergency, or last-minute repair during a vehicle breakdown.
Make Large Purchases in the Future
A savings account can provide a means to put aside money for future endeavors. It could be used to finance a kitchen remodel, or to purchase a new recreational vehicle like a boat or motorcycle.
Have Peace of Mind
A savings account can offer a safe way to grow your wealth. Savings accounts are low-risk and are FDIC-insured (up to $250,000). Your money is always available, and it only requires a small initial deposit.
A Timely Tip
If you’re expecting a refund this tax season, those funds would be a great resource for starting your personal savings goals.
At First Mid, a retail savings account can be opened online here. You can also visit your local First Mid banking center for more information.
