To make sense of any personal or work activity, it is best if you set specific goals.
In terms of saving, it is more motivational if you know what the money you deposit in your account will be for, on the other hand, if you save meaninglessly and without a clear goal, it is more likely that you are withdrawing that money every time it occurs to you and leave your savings truncated.
To set a goal in saving it is necessary that you determine if it will be short or long term, we recommend you have both.
Short-term savings are important when you decide to allocate a percentage of your salary for a year to go on vacation, gifts from the children, or back-to-school expenses.
On the other hand, when you decide to open a long-term savings account, you must be aware that you will not touch that money for the world until you meet your goal, this capital can be for your children’s university, savings for retirement or for buy an expensive good like a car or house.
As you can see, it is not necessary to choose between saving in the short or long term, if some consider acquiring two or more credits, why not have two or more savings accounts?
We invite you to analyze your goals, in addition to defining the amount and term of your savings, this in order to respect your money and the initial objective.