Day 1 - Learn To Save More Effectively

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Saving money is great a skill to nurture regardless of your income or age. Traditional savings accounts are a great way to save but they are not the only option.

Money Market Accounts
A Money Market Account is a type of savings account. They usually pay higher interest rates, have higher minimum balance requirements and only allow 3-6 withdrawals per month. They are insured by the F.D.I.C.

Certificates of Deposit CD's are low risk (relatively low return) investments for cash that you might not need for months or years. CD’s usually offer higher rates of return (APY) than you would earn in a money market, checking or savings account. You can get one at your local bank or shop around online.

Online Savings Accounts
These savings accounts function mostly the same as savings accounts offered by traditional brick & mortar banks but they tend to offer higher interest rates due to lower operating costs. If you're considering them as an option please remember that many internet only banks do not have physical locations and ATM access may vary.

Spare Change Investing
In recent years there has been an explosion in financial technology firms. Some of these firms have begun offering services that allow you to invest the spare change left over when you make everyday purchases on your cards into the stock market. Your investment portfolios in these services are usually managed by algorithms and could be a good way potentially for a novice investor to get involved in the market. Here is a link to learn about some firms that offer this service: https://www.nerdwallet.com/blog/investing/acorns-vs-stash/ Note that Invest In Girls does not officially endorse either of these firms.

 


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