Types Of Savings Accounts

Basics

Congratulations, you have earned, received, found or won MONEY…now what?  One of the best ways to save money “safely” versus making or losing money is to put it into a savings account.  Save for what or for how long… that is up to you.  Start dreaming!

It is always important to put some of your money in a safe place, knowing that it will be there pretty much immediately when you need it.  It probably will only make a "LITTLE" money so make sure you understand little, like in very little, but it WILL be there.  There are different kinds of savings account.  Some will provide you with a way to save more money (higher interest rate), but generally there is a catch.  It can either be the amount of money, the amount of time, or both, in order to qualify for a higher rate.

Saving At Home

You could just leave your money in your room if you are like me, the one with the books, papers and clothes over the floor) wallet, or locker.  However, having it accessible (if you can find it), might not be such a good idea, since you might be tempted to spend it.  Also it won't be a safe as it would be in a bank.

Also, what you put in will be the same as what you get out…nothing extra.  That $50 you earned will be the same today, one year from now, as it will be 10 years from now.  But I can guarantee that $50 will not buy you the same in 10 years!  That is not to say don’t keep a few bucks around for "immediate spending", but do something else with the rest.  You might check out a Savings Account.