Title: Saving 100
1aving For Goal
Agenda
Reduce Spending
Savings vs. Investing
Compound Interest
Saving Options
Assessment
Credits
2Agenda
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3Short-Term Goals
Agenda
- Savings vs. Investing
- Reduce spending
- Savings options
- Compounding interest
4Savings vs. Investing
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5Saving vs. Investing
Saving vs. Investing
- Investing for long-term goals
- More than five years
- Retirement
- College education
- Saving for short-term goals
- Less than five years
- Emergency fund
- Car or house down payment
- Vacation
6Pay Yourself First
Saving vs. Investing
- Todays habits pay off tomorrow
- Include savings in your budget
- Save for emergencies
- Save for major purchases
7Reduce Spending
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8Reduce Spending
Reduce Spending
- Clothes
- Buy the basics
- Shop sales
- Shop thrift stores
- Make minor repairs
- Personal Care
- Shop discount stores
- Food
- Eat out less
- Split a meal
- Skip daily cup of coffee
- Shop with a list
- Buy generic brands
- Clip coupons
- Buy in bulk
9Reduce Spending
Reduce Spending
- Transportation
- Economy car
- Used car
- Carpool
- Public transportation
- Entertainment
- Entertain at home
- Pack a picnic
- Use student discounts
- Free concerts
- Free community events
10Saving Options
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11Savings Options
Savings Options Getting Started
- Banks and credit unions
- Checking account
- Money market account
- Savings account
- Certificate of deposit (CD)
12Savings Getting Started
Savings Options Getting Started
- Checking account
- Lowest interest rate
- Most transactions
- Savings account
- Higher interest rates than checking
13Savings Larger Amounts
Savings Options Getting Started
- Money market accounts
- Higher rates than checking and savings
- Limited number of monthly withdrawals
- Certificate of deposit (CD)
- Require minimum deposit
- Pays higher interest rate
- No transactions for a set period
- Early withdrawal penalty
14Rule of 72
Rule of 72
15Compound Interest
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16Power of Compound Interest
Compound Interest
- Jimmy
- Age 18
- 100/Month
- 10 Years
- Contributes 12,000
- 73,537 at age 53
- Dean
- Age 33
- 100/Month
- 20 Years
- Contributes 24,000
- 46,435 at age 53
Savings growth calculated at 6 interest.
17Power of Compound Interest
Compound Interest
Jimmy
Dean
Savings growth calculated at 6 interest.
18Savings Growth
Compound Interest
- 50 a month
- 8,194 in 10 years
- 100 a month
- 16,388 in 10 years
- 250 a month
- 40,970 in 10 years
Savings growth calculated at 6 interest.
19Assessment
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20Assessment
- PASS THE ASSESSMENT AND YOU ARE ON YOUR WAY TO
SAVING SUCCESS!
21Credits
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22(No Transcript)