Opt for a Savings Account Now
You are the head of a family and you earn a lot but what happens if you suddenly need a lot of money? The sudden need might be anything from medical bill to college education. So far what you earn is redeemed in the running of the family and you were not too keen on saving your hard earned cash for any crisis.
You could have been saved by a “savings account“. You can save a certain portion of your monthly income in a financial institution and earn interest from it. Financial institutions e.g. a bank offer individuals like you to save part of your liquid asset in an account which would be maintained by the bank. In return you would get a fixed interest on your deposit and get the chance to withdraw it in case of emergency.