1. SAVING

2. Where do you save your money? List any bank accounts, any special places at home and how much you have in each location.

3.  What types of savings do you have?  Refer back to the 4 types of savings that we learned about last class.  List approximate amounts that you have in each type of savings.  If you have others savings, include that in your list as well.

4.  Bank Savings Account: offered by all banks; yield a low interest rate.  Money Market Account : offered by banks and typically pays you a higher interest rate than a regular savings account, but requires higher deposit.  CD or Certificate of Deposit : bank holds your money for a set period of time, usually 1-6 months or 1-5 years.  Unlike a normal savings account, you may not withdraw your money without being subject to a penalty or early withdrawal fee  U.S. Savings Bond: initial investment of money, that if kept long enough, matures with interest. WHAT ARE MY OPTIONS FOR SAVINGS?

5.  Pros:  Low minimum deposit ($25 is the minimum amount)  Guaranteed by the government  Free from state and local taxes  Cons:  Length of maturity  Lower rate of return when cashed in before bond reaches maturity date

6. US Savings Bond Calculator

7.  Pros:  Interest rates are better than that of a regular savings  Guaranteed interest rate for time of CD  Insured  Cons:  Penalty for early withdrawal  Larger sum of money required for minimum deposit

8.  Pros:  Highest interest rates among all other bank savings accounts  Check writing involved  Insured  Cons:  Minimum deposit/ balance required is high  No interest and possible service charge if balance is below a certain balance

9.  A safe and easy way to save your money.  Allows you to deposit money (add money to your account) or withdraw money (remove money from your account) at any time.

10.  Pros:  Low minimum balance required  Easy to withdrawal funds  Insured  Cons:  Low rate of return  Withdrawal charges

11. REGULAR SAVINGS MONEY MARKET CDsUS SAVINGS BONDS PROS CONS SITUATIONS

13. Name and address of bank Date Account number Name and address Dollars and cents $200.54 20054 Coin (rolls, change) List your checks 34247 1723 200000 Subtotal of any checks listed on the back Total of all cash and checks # of checks Routing number

14. September 4, 2011 Account #: 987654321 Account Holder: Bill and Maura Jones 3 Main St, Yardley, PA 19067 Cash: $1,325.00 Coin: 2 rolls of quarters ($10 each): $20 Checks: #555 $123.45, #1827 $9.50, #291 $17.45

16. Amount- Numeric form $47.65 Amount – written out Forty seven dollars and……….65/100 Account holder’s signature Bank approval, if needed

17. October 3, 2011 Account #: 918273645 Account Holder: Jill Johnson 1029 Wall Street Robbinsville, NJ 08691 Withdrawal amount: $243.25

18.  Write deposit and withdrawal slips

19. How to open a savings account

20. 1. Pick a bank. 2. Then, go to the bank and fill out the necessary paperwork needed to open a savings account. 3. After completing the forms, you will need to deposit a minimum amount of money. *For minors, the usual amount is at least $50.00. 4. Congratulations…now it’s time to start saving!!!

21. The FDIC (Federal Deposit Insurance Corporation) insures money that is deposited in banks  Established in 1933  Run by the government  Single accounts are insured up to $250,000  Joint accounts (for two or more people) are protected up to $250,000 per owner

22. LONG TERM SAVINGS: College and Retirement

23.  EDUCATION  Coverdell College Savings  529 Plans  UGMA/UTMA Custodial Accounts College Costs Name a college and find out its cost  RETIREMENT  IRAs (Individual Retirement Account)  Roth IRAs  401Ks Retirement Calculator

24.  In your home group, read the article about long term savings  Become the “expert”. Complete the graphic organizer summarizing the important points  In your expert groups, teach the other students what you’ve learned