Reasons to Save Money
From reaching financial goals to paying down debt, here’s why you should save more money with help from Fifth Third Bank.
When payday arrives, there’s nothing more satisfying than seeing a healthy bank balance on your smartphone. While it may be tempting to spend that money to buy a new piece of clothing or sports equipment, a better long-term strategy may be to think about building up your savings.
While everyone wants to see immediate rewards from their hard work, being diligent about saving can be more satisfying in the long run. Why? Because then you can put that savings toward bigger financial goals that offer more options and more financial freedom. And by using automation tools like Scheduled Savings and Smart Savings with Fifth Third Momentum® Savings, saving can become painless.
Consider these great reasons to save:
A Chance to Breathe Easier
Savings can help you manage unexpected or emergency expenses—like when your car’s fuel pump suddenly gives out or you land in the ER with a broken bone. When you have money set aside in savings, you can relax knowing you’ve got a stash that helps you take care of life’s unexpected events. That’s significant when you consider that Federal Reserve data shows that four out of 10 adults do not have the cash available to handle a $400 expense.
Experts suggest building an emergency fund of three to six months’ worth of living expenses. That’s enough to see you through if you lose your job or encounter another type of income-altering event. A savings plan can help you meet this goal and provide peace of mind in the interim that you have some money put away for life’s surprises.
More Flexibility to Achieve Your Goals
Money in the bank means you can do more of what you want to do. The more money you save, the more control you may have over your life.
First and foremost, savings can help you pay down debt. High-interest credit card debt and student loans can seriously get in the way of you meeting your budget and achieving your financial goals. In addition, your stash can help you manage other situations. Roommate driving you crazy? Savings can make it easier to move because you have the cash on hand for the first month’s rent, security deposit, and other expenses for moving to a new place of your own.
Savings makes changing jobs easier, too. Or it can simply mean being able to afford some of your financial goals, like buying a car or taking a long, overdue vacation.
If home ownership is one of your goals, you’ll definitely want to consider starting a savings discipline. Home ownership can be one of the best ways to establish financial security and build wealth. Savings can help you afford the down payment, qualify for a low-rate mortgage, and pay for closing and other costs associated with a home purchase.
The Long-Term Picture
To get started on a savings plan, you should calculate a percentage of your take-home pay and transfer it immediately from your paycheck into a savings account. Fifth Third has an easy-to-use online savings calculator to help you figure out how much you need to save to achieve a particular financial goal.
Apply for a Savings Account
- Sign up for the Fifth Third Momentum® Savings Account
- Skip the monthly service charge
- Use Smart Savings in our mobile app to save small amounts of money automatically
- Set up Scheduled Savings through mobile or online banking
- Add funds from your free Fifth Third Momentum® Checking Account
How Fifth Third Can Help
Using the Smart Savings feature in Fifth Third’s mobile app, customers can create goals to save small amounts of money automatically. Once Smart Savings’ algorithmic feature is turned on, customers can set up specific details, including limits and restrictions on how much can be transferred every week.
You can also set up Scheduled Savings with the Fifth Third mobile app or online banking to add money to your savings on a regular, predefined basis. Or you can simply add funds from your free Fifth Third Momentum® Checking Account to your Fifth Third Momentum® Savings Account, on the schedule you choose.
With these tools, savings couldn’t be easier. By building up your nest egg, treating yourself to savings can be just as rewarding tomorrow as that new jacket or sports gear might be today.