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Checking Saving s & Investment Accounts

Checking Saving s & Investment Accounts. C1. The Center of all Financial Decisions Check in wherever you are. C2. Good Record Keeping Good record keeping starts with accurate checks and balances Balance your checkbook! When possible, review your accounts daily. C3. C4.

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Checking Saving s & Investment Accounts

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  1. Checking Savings & Investment Accounts

  2. C1

  3. The Center of all Financial Decisions • Check in wherever you are C2

  4. Good Record Keeping • Good record keeping starts with accurate checks and balances • Balance your checkbook! • When possible, review your accounts daily C3

  5. C4

  6. The Online Statement • Balance the online statement against the check register C5

  7. D1

  8. Strategies for Saving • Why save • In case of an emergency • To take advantage of opportunities • To reach financial goals • Pay yourself first • Save to reach goals • From each paycheck: save first, spend second • Deposit change and “found” money monthly = bonus savings D2

  9. Investment Accounts Money for the future! B1

  10. Investment Accounts • Things To Consider For Investment Accounts • Time – short-term or long-term • Vacation, College Education, New Car • Income – how much money do you have to save • Income, Debts, Taxes, Emergencies B2

  11. Investment Accounts • Types of Investments • Stocks – easy to access with higher risk of loss (no set time) • CDs – hard to access with low risk of loss (set time for withdrawal) • Bonds – hard to access with low risk of loss (set time for withdrawal) B3

  12. Investment Accounts • Stocks • Stocks – Share of ownership in an organization • Why Stocks? • Dividend Payments – share of the organization’s profit • Capital Gains – selling the stock at a higher price than the purchase price • Risk – no guarantee of profit

  13. Investment Accounts • CDs • CD – Certificate of Deposit • Commit funds for a certain length of time • Low risk – the money will be withdrawn with a set amount of interest • Problems: • Inflation – the general rise in prices (the money may not be enough when the time is up • Access – money can’t be withdrawn early without a fee B4

  14. Investment Accounts • Bonds • Bonds – Accounts backed by the US Government • Commit funds for a certain length of time • Low risk – the government backs the funds • Problems: • Inflation – the general rise in prices (the money may not be enough when the time is up) • Access – money can’t be withdrawn early B5

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