If you decide you need a savings account. Here are some of the different types you can choose from: traditional savings accounts, high yield savings accounts, certificate of deposit, money market account and cash management accounts.
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- Student LIFE Blog
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Money Management
Saving
Saving
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An emergency fund is a source of funding on which you can rely when life throws you lemons. It is a cash reserve that you allocate strictly for when unexpected, costly and urgent issues arise. Such issues do not include dire wants, such as a new television or a pair of shoes but rather, true emergencies.
Financial goals are a plan for managing your money. These goals help you to save and manage how you spend, as well as keep you focused on where your money goes.
This may be your first time managing your own money; you may not be aware of the different strategies and tools available to help you make your money go further and even save some along the way!
Saving
To open a savings account your need to determine which bank or credit union you want to have your account with. Consider number of locations & ATM’s, the interest rate offered and any fees you will or could be charged.
An HSA (Health Savings Account) is a type of savings account designed to be used for qualified medical expenses. You can contribute money pre-tax out of your paycheck and use the money for approved expenses without any tax penalty.
A savings account is an account you open with a bank or credit union, where the bank holds your money for you. In exchange for giving your money to the bank to hold (and use while they are holding it) the bank will pay you interest.
The answer to this question is “it depends.” If you’re looking at saving money each month on the amount of your student loan payment, you will likely be able to reduce your monthly obligation by extending your repayment term. However, extending your repayment term may cost you more overall in interest paid over time, but can help to reduce your monthly expenditures.
Compound interest is when you earn interest on the money you previously earned in interest, when that money is added to your initial deposit. For example if you deposit a $1000 in a bank paying a 5% annual interest rate and left it there for 10 years, when you go to collect your money you would have $1629.
A CD (Certificate of Deposit) account is a type of savings account you can open at the bank. When you open a CD account you agree to leave your money in the bank for a specified time period.
Saving
How to Save Money as a College Student
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Types of Savings Accounts
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What is an Emergency Fund
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Financial Goals
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What is a High Yield Savings Account
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