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Savings Account

Savings Account. Reasons for Saving Emergencies Possible job loss Travel and recreation Advance Education Major purchases such as a car or home Retirement. Reasons for not saving I can’t afford it- Write out yourself a check first I’ll start saving when I’m older - Time is valuable

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Savings Account

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  1. Savings Account

  2. Reasons for Saving Emergencies Possible job loss Travel and recreation Advance Education Major purchases such as a car or home Retirement

  3. Reasons for not saving I can’t afford it- Write out yourself a check first I’ll start saving when I’m older- Time is valuable Someone else will take care of it- You are responsible for your own financial future I deserve to get what I want- Having everything you want doesn’t out way financial freedom

  4. Where to save Commercial Banks- Offer a full variety of banking services. Savings Banks- known for lending money to homebuyers. Internet Banks- online services, no physical branch offices. Offer higher interest rates. Credit Unions- nonprofit financial institutions, owned by and operated for their members

  5. Ways to Save • Savingsaccounts-Your savings will earn INTEREST • INTEREST- money paid to customers for allowing a financial institutions to have and use their money. • Principal- the original investment • Compound Interest- interest figured on the principal plus the earned interest of a financial account. • Annual percentage yield- The rate of yearly earnings from an account: also called annual yield, interest rate, and rate of return. • 2. SavingsClub- You deposit a set amount of money each month. • 3. Certificates of Deposit – CD- A savings certificate earning a fixed rate of interest that is purchased for a specific amount of money and held for a set period of time.

  6. 4. Money Market Accounts- is similar to a CD but has no time restrictions. Higher Interest rates that a savings account. 5. U.S. Savings Bonds- Certificate of debt issued by the federal government. A. Types of Bones EE Bonds- earn a fixed interest rate for 30 years I Bonds - Earn a fixed interest rate plus a variable rate. B. Safe- lost, stolen or destroyed can be replaced C. Convenience- Available on line and at banks D. Higher Interest Rates E. Patriotism- supports the government

  7. 6. Mutual Funds- a long-term investment that provides a way to invest in stocks and bonds 7. Annuities- A form of investment that lasts 10 or 15 years and provides insurance as well as savings. 8. Retirement Accounts 401 k plans 403 b plans Individual Retirement Accounts (IRA)

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