As part of my return to blogging after a brief absence, I’m going to be writing a series of posts that answer some basic money questions. Even for seasoned consumers, it’s important to return to the basics from time to time, if nothing more than to solidify in our minds why we do these things. So today I’m going to be answering the question what is a savings account?
And I’ll be answering some FAQs at the end – one in particular about savings accounts for children.
Savings 101
Other than spend, there is no more basic activity to do with money than to save it. People save for many reasons. But the main purpose of saving is to have a store of money for needs, for wants or for emergencies.
You can save money anywhere. If you are like most people, you probably have a small amount of cash at your home. But the majority of people who want to save large amounts of cash do so by opening a savings account at local bank.
They are responsible young men so I don’t worry about them so much. I don’t think they would do anything crazy on a bike. What I worry about are other drivers. I’m hoping they take as many precautions as necessary when they ride.
Aren’t those words horrifying to even think about. There have been several instances in my life when I truly thought my wallet had been stolen. Those moments filled me with such fear and anxiety I could hardly think straight.