SIG - Save or Invest Lesson

Save or Invest

By saving even small amounts of money, you can build wealth slowly but steadily over time. Savings accounts are one means of putting money aside and earning interest. Money placed in these accounts is not intended for everyday expenses like purchasing movie tickets or buying new music online. Instead, their purpose is to provide the individual with a safe place to save money that will be used at a later date to make a major purchase such as a car, or to fund a large expense such as a college education or a house.

Savings Account Basics

The goal of saving is to provide funds for emergencies, short-term goals and eventually investments. People save first, and when they have saved sufficiently, then they may choose to take some of their savings and begin investing it. As you start to think about developing habits that will lead to good financial health, keep in mind the difference between saving and investing.

Deposits and Withdrawals

Have you ever tried to save up for something you really wanted, only to be unsuccessful because you were constantly taking small amounts of cash out of the money you were "saving" in your dresser drawer? While most of us have good intentions about saving money, many of us don't have the willpower to keep our hands off the cash when we have access to it. Here's where a savings account can be a real life saver. Whether you're saving for a car, your college education, or a home, a savings account can provide you with a secure place to store your cash while earning a little something extra.

Saving or Investing Your Money Presentation

 

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