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Sunday, May 06, 2012
To begin, a savings account is opened with your financial institution of choice. Ultimately, the more money you put into it, the more you earn in interest. This type of bank account is not directly connected to a debit card or checks. They are built to allow people to store money in for safe keeping.
The following example of money saving is through U.S. saving bonds. These are given on the Internet through the Treasury Department. Saving bonds can be bought for as little as twenty five dollars and defer federal income taxes if they are permitted to reach their full maturity. Presently there are two different kinds of savings bonds still available, Series I and Series EE. Series EE requires twenty years to reach maturity, at which point it is worth double the face value. This type will however continue to acquire interest for up to thirty years. The next type, Series I, possess a variable yield based upon inflation. These bonds also acquire interest for thirty years, at which point they reach their full maturity.
The last suggestion of a way to save money is through saving change. I use a large pretzel jar and place all of the change I collect weekly into it. If you save change for one year, the money truly adds up. Once I am ready to cash in my change, I take it to a coin sorter machine which separates and counts exactly how much I had. Prior to cashing in your change, you might also go through and look for any pennies made from copper. This type of penny is worth slightly more than one cent and can be cashed in for its value.
Saving money might seem like a difficult task, but there are a number of ways to accomplish it. Simply think of saving money as an important long term investment and save what you are able to at this point in your life. As time advances and you find better jobs, saving money will become much easier. As for right now, figure out what works best for you and begin saving as soon as possible. It will be advantageous as time pass.