Which type of savings would be the best choice for the ...
Names_______________________________________________________________________________
1) List 2 factors to consider when deciding how to save your money?
___________________________ __________________________
Look at your career budget- How much did you save each month? $____________ after 1 year it could be $_____________________
Which type of savings would be the best choice for the following situations?
SAVINGS ACCOUNT CD SAVINGS BOND MONEY MARKET
Shop for rates @ st Louis area or use your local bank website for current rates.
|Scenario |Type of account? |Reasoning: give 2 for each |Payoff? |
| | | | |
|1) A useful baby gift for your new niece or| | | |
|nephew: | | |Rate: term: |
| | | | |
| | | |Compounded _____________________ |
| | | | |
| | | |Total $___________ |
|2) Saving for textbooks and Greek life | | | |
|expenses next fall. You have $2500 from | | |Rate: term: |
|your part time job. | | | |
| | | |Compounded _____________________ |
| | | | |
| | | |Total $___________ |
|3) Insurance paid you $5000 after the last | | | |
|hail storm damaged your car. Your car is | | |Rate: term: |
|still drivable. Hopefully you won’t have | | | |
|to replace it for a couple of years. | | |Compounded _____________________ |
| | | | |
| | | |Total $___________ |
|4) You have accumulated a large amount of | | | |
|cash $10,000 in your savings account but | | |Rate: term: |
|would like to hold onto it for a home | | | |
|purchase- within the next 8-10 years. | | |Compounded _____________________ |
| | | | |
| | | |Total $___________ |
|5) Your generous relatives and friends gave| | | |
|you $1000 for graduation. You would like | | |Rate: term: |
|to grow that money instead of spending it | | | |
|on frivolous things… | | |Compounded _____________________ |
| | | | |
| | | |Total $___________ |
|6) You have $4500 that you are planning to | | | |
|spend on a good used car—you just haven’t | | |Rate: term: |
|found one yet… | | | |
| | | |Compounded _____________________ |
| | | | |
| | | |Total $___________ |
Record your choices on to google link
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