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Life During the Pandemic: 6 Ways How Having a Digital Savings Accounts Can Be a Lifesaver

Life During the Pandemic: 6 Ways How Having a Digital Savings Accounts Can Be a Lifesaver
October 07
13:01 2020

Managing money in the modern age has always been a struggle, especially when you consider global public debt is around $184 trillion, it’s a lot of money that people owe. However, things were made increasingly difficult when COVID-19 struck, with even more money issues coming into the lives of everyday people.

With this flux in the way we live our lives, an increasing number of people are now starting to really take control of their financial situation and seek financial freedom. One of the best ways to do this is opening a digital savings account, and here are six reasons why.

  1. You’re Prepared

Having money in a savings account means that if anything goes wrong or you need to pay for something, the money is there to make it happen. We’ve all been in situations where you’ve had to scrape the barrel to pay a bill or repair your car, and it’s never a nice situation to be in.

With money behind you, when one of these bills or expenses arises, the money is there to pay it off, meaning you won’t have to go without by not paying for something else, and you won’t have the stress of a financial problem.

  1. You Can Earn Interest

Sure, while interest rates are not very high at the moment, they do change all the time, and something is better than nothing. If you put $100 into a 1% digital savings account, you’ll make $1 every year. It may not seem like much, but everything adds up, and soon you’ll be making money on your money for nothing!

  1. You Can Save for Big Purchases

Looking to save a deposit for a new home, go holiday, or get a new car? These are all big expenses that usually require a fixed deposit, but you probably won’t be able to buy outright, but when you’ve got a couple of months or years’ worth of savings behind you, these purchases become a lot more affordable and a lot more realistic, without being too much of a finance strain.

  1. It’s Easy to Setup

In the past, opening a new bank and savings account used to be hard work. It involved lots of meetings with the bank and lots of paperwork. Nowadays, you can open digital savings account within minutes all from your smartphone without even needing to talk to someone. This means it’s never been easier to start getting your financial wellbeing in check!

  1. It’s Modern Banking

With COVID-19 affecting everywhere on the planet, gone are the days (at least for now) of rolling up into the bank to talk to an advisor. Now, everything is handled online, and managing a digital savings account suits this way of living perfectly. Everything is managed online, so if you need help with anything, you don’t even need to leave your home.

  1. The Money is Always Around

One of the biggest benefits of a digital savings account over an investment account is the fact your money is accessible at any time. There’s no ‘you can’t touch this money for ten years or you lose all your benefits’. Deposit and withdraw money whenever you please, as and when you need it with literally the touch of a button.

Summary

As you can see, managing your money in the 21st Century has never been easier. All it requires is you being proactive in setting up your accounts and getting your finances in check. With a digital savings account by your side, you’ll be on a path to financial security like never before.

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