Saving For Your Future Chapter 10 Notes Money Management

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Saving For Your FutureChapter 10 NotesMoney
Management

• Financial Security
• Financial Security begins when you start
  ___________________________________ !
• Saving means _____________________________________
  _______________!
• Savings Plans enable you to provide for future
  needs both foreseen and unforeseen.
• The existence of savings, no matter how small,
  gives you a measure of financial independence.
• In this chapter you will discover how you can
  save more efficiently regardless of income!
• Why you should save
• The best reason to save some of your income is to
  __________________________________________
• ________________________
• ________________________
• ________________________
• __________________________________________________
  __
• ________________________
• ________________________
• ________________________
• Different Reasons People Save
• _________________________________________ needs
  often arise that require a bit of cash, above and
  beyond what was normally budgeted. These needs
  are typically paid for out of savings
• Examples include emergencies, weekend trips,
  social events like weddings and birthday parties,
  major purchases from things wearing out etc
• _________________________________________ many
  individuals and families anticipate some major
  purchases in the future and save to make them
  possible.

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• _________________________________________________
  Credit unions are _________________
  __________________________________________________
  _________________________________.
• Credit Unions generally offer ____________________
  ____________________________ on savings and lower
  interest rates on loans! They are insured through
  the National Credit Union Administration for up
  to 100,000 just like the FDIC.
• A savings account at a credit union is often
  referred to as a share account. Credit union
  members save their money in the form of shares.
• Basic services are otherwise fairly similar to
  commercial banks ATM Cards, checking accounts,
  cds, money orders, loans, direct deposit, online
  banking etc
• Different Ways to Save
• __________________________________________________
  __________________ opened at your bank or
  credit Union. The major advantage is
  __________________________________________.
• Liquidity refers to ______________________________
  _______________________________. A regular
  account is said to be liquid because you can
  withdraw your money at anytime without penalty.
• For this reason, _________________________________
  ___________________________. Check out these
  links for examples
• http//www.bankone.com/answers/BolAnswersDetail.as
  px?topyousegmentPFStopicSavingsitemBankOneR
  egularSavings
• http//www.bankofamerica.com/deposits/checksave/in
  dex.cfm?templatesave_regular
• Some regular accounts charge _____________________
  ____________. Avoid these if you can! If all of
  your interest is eaten up by the fees youre
  wasting the power of your money!
• Ways people save
• __________________________________________________
  ________ (_______) represents a sum of money
  deposited for a set length of time for example,
  500 for six months.
• __________________________________________________
  ______________________, and requires a minimum
  amount be deposited.
• ___________________________________________.
  Click on the following link for examples
• http//www.capitalone.com/investments/cd/index.php
  ?linkidWWW_Z_Z_Z_SP1_C2_05_T_SP2
• __________________________________________________
  _________________________ ________________________
  _____________________________. That is, you will
  be paid back less than what you put in!
• A money market fund is a combination
  savings/investment plan in which money deposited
  is used to purchase certain types of securities
  (bonds, stocks, mutual funds etc).
• Money may be deposited or withdrawn without a
  fee. Interest is usually compounded daily.
  Interest rates vary so shop around. Here are some
  examples