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Money in the Bank - Why Teens Should Save

August 25th, 2007 · No Comments ·

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Have you ever had your parents verify you “Save your money” and “Invest your money?” Fact is, they are telling you something that is truthfully a beatific way to intend a convey on your money. On crowning of that, its safer then carrying cash in your pocket.

I wrote a journal not too daylong past (earlier today) that explained the crowning 5 reasons on why saving with a slope was such a commendable investment. Here is the 5 reasons from that blog:

Reason 5: Free machine Card and/or Checks
This is a reason many probably wont understand, but conceive most it though. Its always great to hit access to your money whenever you want it or absolutely need it. Plus, carrying a debit bill is safer then carrying cash around in your pockets.

Reason 4: No Responsibility Unauthorized Charges AND Overdraft Protection
When I say this statement, I am assuming the business institution you are electing to intend an statement from offers this. Before getting one, communicate them most their policy of unlicensed charges and their overdraft protection (if any.)

Reason 3: Help Keep Track Of Your Financial Records
With a checking or fund account, it is considered such easier to track your business records. The banks usually provide a free monthly slope statement to exhibit you what was deposited, what was withdrawn, etc. This crapper support you in maintaining your bills and business records.

Reason 2: NCUA Insured
With your money in the bank, you also hit the protection of the NCUA. The fact of this is that your money is insured by the NCUA for up to $100,000 in your slope account. So if the slope were to be robbed, youd be reimbursed for up to $100,000 of your statement balance.

Reason 1: Earn a Return and Build Credit
Thats right, 2 things hit sort 1 locked down. The prototypal is that with a Savings or Checking account, you crapper earn a convey on your money. Some banks offer a low APY, while some offer a broad APY. For instance, the online slope famous as ING Direct offers a 4.00% APY for up to $50,000 and 5.25% for $50,000 and upwards to the incoming tier. Allow me to explain, adopt you hit $1,500 in the ING Direct fund account, that is an player $60 a year (or approx. $5 player a month.) Aside from getting a return, you crapper physique you assign score as well. Its a substantially famous fact that having your slope statement in beatific standing and existence opened for a while crapper physique your assign score. Might as substantially start early message today.

So as you crapper see, fund crapper be a beatific abstract when swing your money into a bank. If you would like, you crapper feature the entire article on the journal here. I hope you enjoy it.

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Tags: Credit · Debt · Bankruptcy · Money · Saving · Blog Carnivals

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