Saving Money Method Comparison

Which one is the safe way to do this, saving money in the bank, at home, or with trusted people? Some of you may say that saving money in the bank is the safest one. Others may choose to save money at home or even trust people. Let’s discuss it deeper by learning from the information below.

Pros and Cons Saving Money in the Bank

There are so many benefits if you save your money in the bank. For example, your money is safer because banks have high-tech security systems. Indeed, banks have enough experience in handling money from many people.

It is a good option if you have a lot of money that seems to be not safe to store at home. Nowadays, you can also easily access your money. Banks will give you a bank account and an ATM. It is not only to track your money but also to take it anytime you want.

Best of all, saving money in the bank allows you to track the money. All transactions will be recorded and you know it. One of the disadvantages of saving your money in the bank is the fees. Banks charge their members for administration costs.

Pros and Cons of Saving Your Money at Home

How about saving money at home? Is it better than saving your money in the bank? Keeping cash at home is effective for a small amount of money. Say you must have cash for buying your urgent or daily needs.

You don’t have to go to the ATMs or bank in case you need to spend money. Some people often avoid complicated processes, including when taking money in the bank or ATM. That’s why some people love to save their money at home.

On the other hand, they need to think about security. Say you have a lot of money you must buy a safe-deposit box. The price of this product is often expensive.

The physical quality of the money is often reduced. The money can get easily folded or ripped. The worse part is that you can always spend your money and can’t track the transactions.

Pros and Cons of Saving Money in Trusted People

This method seems to be the risky one. We can’t easily believe someone. They may use your money and you don’t know about it! Even if you finally realize it, it is too late because they are running away using your money.

It may be good if it is your family members, such as your parents or couples. This method is also a good decision if you are saving money for a specific target. For instance, you have a plan to buy a new car. Then, you keep the money for your couple.

So, which one is the safest? It depends on the condition. Saving money in the bank is safe if you have a lot of money. It will be easy to manage. It is okay to save money at home if you often need cash. You can even keep the money to your trusted people for a specific goal.

Faisal “Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.” — Albert Einstein