{"id":1814,"date":"2023-04-21T22:42:09","date_gmt":"2023-04-21T22:42:09","guid":{"rendered":"https:\/\/www.sprucemoney.com\/resource-center\/?p=1814"},"modified":"2025-03-29T03:49:30","modified_gmt":"2025-03-29T03:49:30","slug":"benefits-of-savings-account","status":"publish","type":"post","link":"https:\/\/www.sprucemoney.com\/resource-center\/savings\/benefits-of-savings-account\/","title":{"rendered":"5 benefits of a savings account"},"content":{"rendered":"\n

Creating and regularly contributing to a savings account can seem like one more financial to-do, but the benefits of a savings account make it well worth the effort. Having a savings account can provide financial security and peace of mind, and help you reach your goals.<\/p>\n\n\n

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\"Woman<\/figure>\n<\/div>\n\n\n

Whether you\u2019re saving for a car or a family vacation, or you just want to be prepared in case of an unexpected emergency, or even trying to save for big purchases vs. using a credit card, a savings account is the smart way to set money aside.<\/p>\n\n\n\n

As you start a savings account and add to it, Spruce has your back every step of the way.<\/p>\n\n\n\n

Savings account benefits: 5 reasons to set one up\u00a0<\/h2>\n\n\n\n

There are many savings account benefits that make it worthwhile to open a savings account \u2014 or even two. Financially, psychologically and practically, setting aside some of your money just makes sense.<\/p>\n\n\n\n

So what are the benefits of a savings account? Here are some of the most significant reasons to keep in mind.<\/p>\n\n\n\n

    \n
  1. You could avoid major financial disruptions.<\/strong> Having a savings account to draw from in case of emergency can help you avoid using credit when unexpected expenses arise. After all, only about 4 in 10 Americans have enough savings to cover an unplanned expense of $1,000, according to research from the Financial Health Network. Whether you\u2019re faced with a car repair, job loss or medical bill, creating an emergency fund<\/a> allows you to expect the unexpected. And that can provide peace of mind during turbulent life events. Plus, you won\u2019t have to take out a loan or put unexpected expenses on credit.<\/li>\n\n\n\n
  2. You can prepare for bigger purchases proactively<\/strong>. It can be tough to plan for a big purchase you know is coming, especially if it\u2019s something essential and a little boring, like a washing machine that you\u2019ll need to replace at some point. But rather than finding yourself in a jam when the washer finally quits, you can save slowly for that purchase over time. Putting a portion of your paycheck into the savings account every time you get paid can make big purchases more manageable.<\/li>\n\n\n\n
  3. You\u2019ll gain a shift in perspective. <\/strong>Having money in a separate savings account can cause a big, healthy mental shift. That separation can remind you not to touch your savings for something other than your goal. Instead, you can stay focused, and rethink whether the purchase you\u2019re considering is really<\/em> necessary.<\/li>\n\n\n\n
  4. You can see your progress adding up. <\/strong>When you check the balance in your savings account regularly, you can see the money building up from your deposits, getting you closer and closer to reaching your savings goals. Being able to visualize your progress as you work toward it can help you stay motivated. Consider using Spruce\u2019s saving goals feature<\/a> to give your savings goal a name, choose a photo that represents your goal, and track your progress.<\/li>\n\n\n\n
  5. Your savings account can shift along with your life.<\/strong> With a savings account, you\u2019re not locked into a specific financial goal. So, if that washing machine lives longer than expected but your fridge calls it quits, you can use your savings to save the day. With a savings account, you\u2019re always the boss of your money.<\/li>\n<\/ol>\n\n\n\n

    <\/a>How to save money in a savings account<\/h2>\n\n\n\n

    Want to know how to save money in a savings account like a pro? Start by finding the extra padding in your budget so you can put that money aside instead. Look at your budget to find places where you can cut back on spending \u2014 and remember that even small amounts add up over time. For example, if you cut out just one $10 lunch from the drive-through each week, you\u2019ll save more than $500 over the next year.<\/p>\n\n\n\n

    You might also follow smart money saving tips<\/a> like buying used clothes, finding free ways to have fun in your area and switching to more affordable brands. These tips and tricks can help you find \u201cextra\u201d money that you can put straight into your savings account.<\/p>\n\n\n\n

    After you decide how much to save each month<\/a>, consider a side hustle to earn cash that you can put into your savings account each month (try to avoid putting it in your checking account as you might spend it too easily!). Working a few extra hours a week, monetizing a hobby you already have, or selling clothes you no longer wear can provide an income boost. And that can help you reach your savings goals more quickly.<\/p>\n\n\n\n

    <\/a>How Spruce saving goals can help<\/h2>\n\n\n\n

    With Spruce\u2019s saving goals feature, you can enjoy savings account benefits with ease, and at no additional cost. Spruce lets users create up to two online saving goals for no cost and designate them however they choose. For example, you can have an emergency fund goal and a sinking fund goal (an account where you set aside money for a specific upcoming purchase) to save for next year\u2019s vacation, both of which are separated from your checking account funds. The separation can make it easy to see your progress toward each of your saving goals.<\/p>\n\n\n\n

    Spruce allows you to easily move your money from your spending account to a saving goal (or vice versa!) when it works for you. You can do it all with the Spruce mobile app at any time of day or night, so you can manage your money when it works best for you.<\/p>\n\n\n\n

    <\/a>Saving money made easy with Spruce<\/h2>\n\n\n\n

    Spruce makes opening and managing a savings account quick and painless. In fact, you have the ability to establish two saving goals funds when you open your Spruce accounts.<\/p>\n\n\n\n

    Get started with Spruce today!<\/a><\/p>\n\n\n\n

    This information provided for general educational purposes only. It is not intended as specific financial planning advice as everyone\u2019s financial situation is different.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

    Creating and regularly contributing to a savings account can seem like one more financial to-do, but the benefits of a\u2026<\/p>\n","protected":false},"author":1,"featured_media":1817,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[48,3],"tags":[],"class_list":["post-1814","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mobile-banking","category-savings"],"acf":[],"yoast_head":"Benefits Of A Savings Account | Spruce Money<\/title>\n<meta name=\"description\" content=\"Learn the many benefits of a savings account, and how to save money easily in your savings account today, from the team at Spruce!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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