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Future Money – Save and Invest Part 1

You can save time, energy, and water. But one of the most important things you can save is money.

The whole idea of saving is that it will help you meet goals, cover emergency expenses and provide a cushion for everyday expenses. And if you save money it increases in value, you’ll have better position to meet your needs.

You have three good reasons to save.

> Everyday expenses cost more than you expect – always a good idea to have some extra money saved to cover things like a rise in food or gas prices. You can think of the savings as a cushion.

> Emergencies happen — and can be expensive. What’s an emergency? It’s anything that absolutely needs to be fixed, taken care of or replaced.

> Goals have price tags. – It’s something you want to accomplish in your life. Like buying a car or going to college, require money. Hence, starting to save early in life is so important.

***List your goals, from your top priorities – to the least.***

There’s at least one goal everyone should have – saving at least 10% of his/her income.

Saving doesn’t mean there won’t be money for things you currently enjoy. You can budget for things in your spending plan. But putting a priority on saving means you’ll be sure to have money for the really important things in the future.

Is saving a priority in your budget?

If you’re going to save, you’ll want to have a bank or credit union savings account. Financial institutions provide a safe place for savings and pay interest to help savings grow over time. Safety and growth are keys to having the money needed when you need it.

Another safe place for your money is a checking account, especially if you need to make a lot of payments online or with a check. With a checking account you can:

– Write a check.

– Authorize an electronic payment.

– Sign up for automatic bill pay.

– Take money out of checking account with a bank or debit card.


Checking is convenient. But be aware of all the fees and charges that comes with your account – per check charges, account minimums to earn interest, monthly account fees or a combination of these features. Need to use your account responsibly to avoid overdraft fees.

Debit cards are very convenient – the money spent comes right out of your account. But there may be fees for overdrafts and some debit transactions. It’s important to note what charges could apply before using card.

The way to keep things in balance, so you always have enough money in your account for expenses, is to keep good records.

Most banks and credit unions offer basic saving and checking accounts. You can take advantage of other bank services – there’s usually no charge for cashing your paycheck. Or, better yet, you can have the check deposited directly in your account via direct deposit.

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