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2. 2 What is Savings? It’s the money you have left after paying all of your expenses

3. 3 Why is it important to have a savings account?

4. 4 You can easily pay for unexpected expenses

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7. 7 It is easier to access your money than CD’s or mutual funds. CD’s: if you take your $ out early, you pay a penalty

8. 8 To open a savings account: You may need at least $100 to open You may to keep a minimum balance to avoid monthly fees.

9. 9 Banks and Credit Unions may waive the minimums if you have other accounts at that institution.

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11. 11 How to Find Money To Save??

12. 12 Example: Prescription and Over-the-Counter Drugs:

13. 13 Ask your doctor to consider prescribing generic drugs, instead of brand name drugs. Find the lowest-cost place to purchase prescription drugs. Your insurance may only pay for mail-order pharmacies. Find the lowest-cost place to purchase prescription drugs. Your insurance may only pay for mail-order pharmacies. Purchase storebrand over-the- counter medications, which often cost 20-40% less than nationally advertised brands.

14. 14 In your groups, list savings tips for the following:

15. 15 1. Food 3. Banking (checking, credit cards, ATM’s, etc.) 3. Banking (checking, credit cards, ATM’s, etc.) 2. Auto 4. Housing