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Chapter 06
1.
© 2010 South-Western,
Cengage Learning Chapter © 2016 South-Western, Cengage Learning 6.1 Growing Money 6.2 Saving Options Saving for the Future 6 © 2016 South-Western, Cengage Learning
2.
© 2010 South-Western,
Cengage Learning SLIDE 2 Chapter 6 Lesson 6.1 Growing Money Learning Objectives LO 1-1 Describe why it is important to save money for the future. LO 1-2 Explain how money grows through compounding. LO 1-3 List the various places where you can save. © 2016 South-Western, Cengage Learning
3.
© 2010 South-Western,
Cengage Learning SLIDE 3 Chapter 6 Why You Should Save The best reason to save money is to provide for future needs, both expected and unexpected. Saving regularly will help you meet short- term and long-term needs. © 2016 South-Western, Cengage Learning
4.
© 2010 South-Western,
Cengage Learning SLIDE 4 Chapter 6 Short-Term Needs Short-term needs are expenses beyond regular monthly items. Usually you will have to pay for these things out of savings. Examples of short-term needs include the following: Emergencies Vacations Social events Repairs Major purchases © 2016 South-Western, Cengage Learning
5.
© 2010 South-Western,
Cengage Learning SLIDE 5 Chapter 6 Long-Term Needs Long-term needs are expenses that are costly and require years of planning and saving. Examples: Home ownership Education Retirement Investing © 2016 South-Western, Cengage Learning
6.
© 2010 South-Western,
Cengage Learning SLIDE 6 Chapter 6 Peace of Mind Peace of mind comes from knowing that when needs arise, you will have adequate money to pay for them. The amount of money you save depends on: The amount of your discretionary or disposable income The importance you attach to savings Your anticipated needs and wants Your willpower to give up present spending to provide for the future © 2016 South-Western, Cengage Learning
7.
© 2010 South-Western,
Cengage Learning SLIDE 7 Chapter 6 How Money Grows The amount of money you deposit into a savings account is called the principal. For the use of your money, the financial institution pays you money called interest. Interest represents earnings on principal. As principal and interest grow, more interest accumulates. This is known as compound interest, or interest paid on the original principal plus accumulated interest. © 2016 South-Western, Cengage Learning
8.
© 2010 South-Western,
Cengage Learning SLIDE 8 Chapter 6 Annual Percentage Yield (APY) Annual percentage yield (APY) is the actual interest rate an account pays, stated on a yearly basis with compounding included. Because all financial institutions must calculate APY the same way, you can use APY to easily compare the yields on different accounts. © 2016 South-Western, Cengage Learning
9.
© 2010 South-Western,
Cengage Learning SLIDE 9 Chapter 6 Year Beginning Balance Interest Earned (6%) Ending Balance 1 $100.00 $6.00 $106.00 2 $106.00 $6.36 $112.36 3 $112.36 $6.74 $119.10 Compounding Interest Annually The Year 1 ending balance is the Year 2 beginning balance. The Year 2 ending balance is the Year 3 beginning balance. The 6% interest rate stays the same, but the interest earned increases each year. © 2016 South-Western, Cengage Learning
10.
© 2010 South-Western,
Cengage Learning SLIDE 10 Chapter 6 Where to Save Commercial banks Savings banks Savings and loan associations Credit unions Brokerage firms Online accounts © 2016 South-Western, Cengage Learning
11.
© 2010 South-Western,
Cengage Learning SLIDE 11 Chapter 6 Lesson 6.2 Savings Options Learning Objectives LO 2-1 List the features and explain the purposes of different savings options. LO 2-2 Discuss factors that influence selection of a savings plan. LO 2-3 Describe ways to save regularly. © 2016 South-Western, Cengage Learning
12.
© 2010 South-Western,
Cengage Learning SLIDE 12 Chapter 6 Savings Account Choices Learn about the different savings options available to you. Different types of accounts can contribute to your overall plan in different ways. © 2016 South-Western, Cengage Learning
13.
© 2010 South-Western,
Cengage Learning SLIDE 13 Chapter 6 Regular Savings Account A regular savings account has a major advantage—high liquidity. Liquidity is a measure of how quickly you can get your cash without loss of value. A regular savings account is said to be very liquid because you can withdraw your money at any time without penalty. The tradeoff for high liquidity, however, is a lower interest rate. © 2016 South-Western, Cengage Learning
14.
© 2010 South-Western,
Cengage Learning SLIDE 14 Chapter 6 Certificate of Deposit A certificate of deposit (CD), or time deposit, is a deposit that earns a fixed interest rate for a specified length of time. A CD requires a minimum deposit. You must leave the money in the CD for the full time period. If you take out any of your money early, you will pay an early withdrawal penalty. A CD has a set maturity date, which is the date on which an investment becomes due for payment. © 2016 South-Western, Cengage Learning
15.
© 2010 South-Western,
Cengage Learning SLIDE 15 Chapter 6 Money Market Account A money market account is a type of savings account that offers a more competitive interest rate than a regular savings account. There are two different kinds of money market accounts: Money market deposit account Money market fund On average, money market funds will pay a higher interest rate than money market deposit accounts. © 2016 South-Western, Cengage Learning
16.
© 2010 South-Western,
Cengage Learning SLIDE 16 Chapter 6 Selecting a Savings Plan Liquidity Safety Convenience Interest-earning potential (yield) Fees and restrictions © 2016 South-Western, Cengage Learning
17.
© 2010 South-Western,
Cengage Learning SLIDE 17 Chapter 6 Liquidity Liquidity is how quickly you can turn savings into cash when you want it. The need for liquidity will vary, based on your age, health, family situation, and overall wealth. © 2016 South-Western, Cengage Learning
18.
© 2010 South-Western,
Cengage Learning SLIDE 18 Chapter 6 Safety Safety of principal means that you are guaranteed not to lose your savings deposit, even if the bank or other financial institution fails and goes out of business. Most financial institutions are insured by a government agency, the Federal Deposit Insurance Corporation (FDIC) or National Credit Union Association (NCUA). Deposits in banks, no matter what type, are almost always safer than investments in the stock market. © 2016 South-Western, Cengage Learning
19.
© 2010 South-Western,
Cengage Learning SLIDE 19 Chapter 6 Convenience Locations Services offered © 2016 South-Western, Cengage Learning
20.
© 2010 South-Western,
Cengage Learning SLIDE 20 Chapter 6 Interest-Earning Potential (Yield) Your goal is to earn as much interest as you can, while maintaining the liquidity, safety, and convenience you want. Usually, the more liquid your deposit, the less interest it will earn. Shop around for the best APY in your area. © 2016 South-Western, Cengage Learning
21.
© 2010 South-Western,
Cengage Learning SLIDE 21 Chapter 6 Fees and Restrictions Different accounts and institutions have different rules. Before you open an account, be sure to understand the withdrawal restrictions, minimum balances, service charges, fees, and other requirements. © 2016 South-Western, Cengage Learning
22.
© 2010 South-Western,
Cengage Learning SLIDE 22 Chapter 6 Saving Regularly Saving regularly will help you meet your financial goals. Over time, and with compounding interest, your savings can grow into a substantial sum. Pay yourself first through direct deposits, automatic deductions, and payroll savings plans. © 2016 South-Western, Cengage Learning
23.
© 2010 South-Western,
Cengage Learning SLIDE 23 Chapter 6 $205.00 + 10.25 = $215.25 $205.00 × 0.05 = $10.25 $105.00 + $100.00 = $205.00 Compounding with Additional Deposits Year Beginning Balance Deposit Interest Earned (5%) Ending Balance 1 $0.00 $100.00 $5.00 $105.00 2 $105.00 $100.00 $10.25 $215.25 3 $215.25 $100.00 $15.76 $331.01 4 $331.01 $100.00 $21.55 $452.56 © 2016 South-Western, Cengage Learning
24.
© 2010 South-Western,
Cengage Learning SLIDE 24 Chapter 6 Direct Deposit With direct deposit, your net pay is deposited electronically into your bank account. You receive a nonnegotiable copy of your check and stub, notifying you of the amount deposited directly into your account. You can have your automatic deposit split between accounts, with some going into savings and some going into checking to cover your bills. © 2016 South-Western, Cengage Learning
25.
© 2010 South-Western,
Cengage Learning SLIDE 25 Chapter 6 Automatic Deductions Automatic deductions represent money you have authorized your bank or other organization to move from one account to another at regular intervals. With a payroll savings plan, you authorize your employer to make automatic deductions from your paycheck each pay period. © 2016 South-Western, Cengage Learning
26.
© 2010 South-Western,
Cengage Learning SLIDE 26 Chapter 6 Collecting Coins and Cash Some people find it convenient to set aside their spare change and money left over each day or week. Setting aside small amounts of change each day will lead to large sums over time. It’s surprising how pennies can add up to make dollars! © 2016 South-Western, Cengage Learning
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