Why Save Money. Your grandparents just gave you $10,000 as a reward for your good behavior and accomplishments up to this point in your life. Write a.

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Presentation transcript:

Why Save Money

Your grandparents just gave you $10,000 as a reward for your good behavior and accomplishments up to this point in your life. Write a paragraph telling me specifically what you will do with this money. In other words, how will you use this money?

 Saving: The nonuse of income for a period of time so it can be used later  In Case of Emergency  Retirement  Savings benefits the economy:  Provides money for others to invest and spend  Allows business expansion  Interest: Payment for saving  Someone else is using your money

 Savings Accounts:  Passbook or Regular Savings Account: present passbook before transaction  Statement Savings Account:  Monthly statement comes in the mail  Very convenient: withdraws are easy – Debit card  Money Market Deposit Account  Higher interest rates, easy access  Higher minimum balance required  Limited number of checks can be written per month

 Time Deposits:  Deposit money, can’t touch it until maturity  Maturity: Time period money must be untouched  Can vary from 7 days- more than 8 years  Certificate of Deposit (CD’s):  Longer the maturity time, higher the interest  Banks sell these to bring in Funds

 Reform on Deposit Insurance after 1929  FDIC: Federal Depository Insurance Corporation  Today, Accounts are guaranteed up to $250,000