Factors To Consider When You Have A Savings Account
- When you have a savings account you should consider 3 important factors.
- 1 the safety of the account, look for FDIC which insures 250,000 if your bank goes bankrupt.
- 2 would be convenience, are you able to access your savings? Can you link your checking account for easy transfers?
- 3rd would be earning potential interest rate, or how much per year will your savings grow? If any.
It Is Very Important To Have Financial Goals
- Prior to taking this course I was unsure of my financial goals, but I was sure that I wanted to have everything done right without ever going into debt.
- A way to prevent debt would be to set financial goals. By the time that I turn 18 i plan to be saving $50 from my job so that I can help my mom with college costs.
- By the time I am 25 my goals would be to start contributing 10% of income to my retirement plan. Also to save for a down payment on my own home.
- By the age of 45 I plan to be almost paid off with my home and if I have kids then their college funds will be saved.
- Finally by the age of 65 I will evaluate my retirement savings and by that age i will be able to retire and do much more with the years of planning ahead.
The Major Take Out From The Semester For ME.
The major things that I have taken out from this semester would be how to save my money more. Starting this semester I would always spend my money on unnecessary food, or things that I do not need, but now I see the true importance behind saving. It lasts forever if you know how to manage it. And you really taught me how to do so. Thanks. (: