Thursday, May 19, 2011

Saving accounts

Defintion: An account at a bank or company where you earn interest by putting in money on your account over time.

 
Why is saving important?
  • security
  • safety
  • planning ahead
  • emergencies
  • college
  • enjoying life

Is it okay to spend money now? 
Yes, if you...
  • spend it wisely
  • need it
  • you can stay out of debt
  • save some of it
  • know how to limit your 





No, if you...
  • can't avoid splurging
  • have to borrow
  • don't need it
  • can't limit yourself









 Saving account efficiency

Compound and simple interest


Simple interest:
  • grows slowly
  • principle amount
Compound interest:
  • speeds up the progress
  • principle + any earned interest amount 

Youth with saving accounts
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1 comment:

  1. RohithMarch 14, 2016 at 10:58 PM

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