Costs and Benefits of Saving in a Financial Institution

Saving in a Financial Institution Costs Benefits Cost means you will have to give up something from putting your money in the financial institution. A benefit means you get something from having saved your money in the financial institution. You can't immediately buy something. Your money is safe from robbers. Your money is safe from fire, tornados and hurricanes. If something happens to your money then you are out of luck! Not seeing your money means you won't spend it. You don't earn any extra money from leaving your money in your piggy bank. The bank pays you a little bit each month for letting them keep it in their bank. This amount is added to your savings account. When you have saved a lot of money you can make a larger purchase than just a movie ticket or new shirt. You can start saving for college now.