5 Types of Savings Accounts that Build Your Money
If you’re like most people, you have a savings account. But did you know it’s best to have more than just one? Opening several accounts with dedicated financial objectives can help you set aside money to achieve your short-term and long-term financial goals. Here are five types of savings accounts that almost everyone should have:
- Emergency Savings Account: This account is for unexpected expenses like a car repair or medical bill. You should aim to have three to six months’ worth of living expenses in this account.
- Retirement Savings Account: A retirement savings account, such as a 401(k) or IRA, is key to ensuring you have enough money saved for retirement.
- College Savings Account: If you have children, you’ll want to start saving for their education as early as possible. A 529 savings plan is a great option for college savings.
- Personal Savings Account: This account is for your long-term financial goals, such as buying a house or taking a dream vacation.
- Investment Account: An investment account is a good way to grow your wealth. You can invest in stocks, bonds, real estate, and other securities.
How Tobin & Collins Can Help You Save
At Tobin & Collins, we can help you create a financial plan that fits your unique needs and helps you save for both your short-term and long-term goals. We’ll work with you to understand your financial situation, set realistic goals, and develop a plan to help you make the most of your money. To create your financial plan, our advisors will look at:
- Your current financial situation
- Your short-term and long-term financial goals
- Your assets and liabilities
- Your income and expenses
- Your risk tolerance
Doing so will help us develop a financial plan that’s tailored to your specific needs and goals. Contact us today to learn more about how we can help you save for your future.