Where to Keep Your Savings - Continued

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.