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People open savings accounts for many different reasons, and they offer a number of important benefits. Here, Magnolia Bank, serving Elizabethtown and Hodgenville, KY, explains why opening a savings account may be in your best interests.

3 Benefits of Having a Savings Account

1. Prepare for the Unexpected

Unexpected expenses can come up at any time, which is why it’s best to always be prepared for them. Putting a little bit of money into a savings account every month eliminates stress when these situations happen while also helping you financially plan for life’s hiccups.

2. Gain Financial Stability

Learning to save money monthly creates sound financial habits, which are useful when you’re planning for annual and long-term expenses. It also creates a greater appreciation for financial planning. As you start seeing the amount in your savings account increase, you may find yourself looking for other ways to invest in your future, like opening a retirement account. 

3. Stop Impulsive Buys

savings accountIt’s easy to allow a want to become a need. Transferring money to a savings account from a checking account deters impulsive buys. Going through the hassle of moving money around often stops that unnecessary purchase before it happens. Plus, there are withdrawal limits on savings accounts—making you weigh out the real value of the purchase.

Opening a savings account gives you a way to make better financial decisions and put money away not only for emergencies, but also for the activities you’ve always dreamed of. To saving for your future, turn to Magnolia Bank. Check out their website for locations, hours of operation, and contact information. To speak with a representative, call (270) 358-3183 or (270) 765-4072 or online. 

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