The importance of saving
Saving is your key to financial independence and building wealth.
When you think about money management, saving is great place to start. And I don’t mean just saving a dollar here or there. What I’m talking about is every time you get some money, whether it’s your paycheck or a tax refund or a gift, you choose to set aside some of that money for you — saving money for unexpected expenses and for your future goals.
Being able to afford large purchases, such as a car, a home, or the cost of a college education, usually requires saving large amounts of money, gradually, over time.
And let’s face it: if you stash your money away in a drawer or under your mattress, it’s not very safe. And the amount you have definitely won’t grow any larger. But if you deposit your money in accounts that pay interest, your money will be safe and it will grow with interest.
That’s exactly right. Now the amount of interest you earn will depend on which account you choose and the amount of money you keep in the account over time. For a brighter financial future, you want to earn the most interest you can on the money you save.
Get into the habit of saving
In this lesson, we’ll teach you some valuable tips about how to save more and earn more on the money you save.
- Keep your money safe
- Earn interest
- Be prepared for surprise expenses
- Afford large purchases
- Achieve major goals
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