Managing Your Money
By: Madison Hoinkes
Saving Accounts
- Place for you to store extra cash
-Easy access in an emergency
-Not so easily accessible that you'll spend the money on things you do not need to spend the money on.
Types of Saving Accounts
Regular saving
Online Savings
Money Market Deposit
Certificates of deposit
Automatic Savings
The money you are saving can go to many different things.
The faster you start savings the more you will have
What will you chose to save your money for?
Advantages
-Easy set up and maintain
-Links directly to checking account
-quickly and easily move money between the two accounts
Disadvantages
-Very low interest rates
-does not make your money work for you
-may want to minimize the amount of money you keep in a regular savings account