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It Pays to Plan Ahead
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How can you make your money grow? One way is to open a savings account.
Banks need money to do business. When you put your money in a savings account,
you allow the bank to use your money until you want it back. |
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The bank pays you for this opportunity to use your money. This payment is
called interest. The more money
you put in the bank, the more interest you earn. |
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There are three key elements to saving: |
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Money |
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Time |
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Rate you can
earn (% of interest) |
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How long will it take for you to have $1,000 in your savings account? Use
the computing machine below to figure it out. |
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Play
around with other amounts. Can you find a way to get 10,000 dollars or
more?
Adults
may have more money to invest, but you have one huge advantage over them
- TIME. You have many more years to let your money grow. So, start
saving now!
Next
Step
- Learn how to start your own business in Share
the Wealth
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The Girls Inc. name, mark, and all associated trademarks
and logotypes are owned by Girls Inc.
Strong, Smart, and Bold is a service mark of Girls Inc.
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