savings on mint ppt. slides 7-12

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different reasons to save money to use in different ways

common expenses, little things, emergencies, things you buy soon, far-away items, investing, giving

simple and compound

two kinds of interest

compounding

when the amount of money you have deposited in the bank- or investment gets larger, this gives you good results.

investment

money deposited in the bank

deposit, savings account interest

how banks work

savers deposit

when you put money in your account and earn interest for doing nothing

borrowers withdraw

when you borrow money for a bank loan and end up being charged and have to pay money in interest

banks earn profits

banks earn their money by working with both savers and borrowers. They make money even after paying interest

true

money you give to the bank is insured and kept safe by the federal gov. / up to $250,000 is protected by gov.

savings

if you leave your money in savings you will earn annual interest

checking accounts

not saving accounts, do not earn interest on most of these accounts, use to hold money to cover common expenses

compound interest rates

you put $1000 in savings , interest is compounded four times a year

true

interest gets larger and larger as time goes on

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