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savings on mint ppt. slides 7-12
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
when the amount of money you have deposited in the bank- or investment gets larger, this gives you good results.
money deposited in the bank
deposit, savings account interest
how banks work
when you put money in your account and earn interest for doing nothing
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
money you give to the bank is insured and kept safe by the federal gov. / up to $250,000 is protected by gov.
if you leave your money in savings you will earn annual interest
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
interest gets larger and larger as time goes on