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hey Mary, I've been working for a while and I saved yp $2,500 and I'm thinking of opening up a savings account to hold my money for college in 4 years. I just have no clue where to start!
I've always heard about savings, but I never learned about it. I remember you took a class about Personal Finance. Can you give me some advice on what to do and what I need to know?!
Of course! You're already off to a great start because you are very aware that you need to save which is more than most people can say, and you've already identified a goal for why you want to save
A well known rule that anyone who saves should know is the 50/30/20 rule. This strategy consists of budgeting your money wisely by distributing 50% of your paycheck towards your needs, 20% towards savings, and 30% towards your wants.
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You should also know that there agree different savings accounts that have many different uses!
WHAT?! Really? Can you tell me a little bit about the different kinds of accounts there are so I can figure out which is best for my saving goal?
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Absolutely! The first type of account you can have is the traditional savings account. It is meant to hold your money that isn't used for current expenses and it is much more approachable than the other accounts.
Can I earn any interest though?!
You can earn low interest and it is very effective for storing your emergency funds. There are also may be a minimum balance required and a limited number of withdrawls

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