When you go to withdraw money from your bank, what do you see? Do you see thousands of dollars waiting for you to spend them on new cars and homes, or do you wonder where all your money went? When it comes down to it, we would like to think that we know how much we have and where it all goes. We would like to think that we know where our money is and what kind of financial shape we are in.
However, when you look at the numbers, do they add up? Are you really in better shape than you thought you were last month? Are your withdrawals more than your deposits every single month? Is your balance of dollars even close to what you think it is?
What does present balance mean?
The present balance is the value of your credit available at any one time.
What does "credit" mean?
Credit is a loan that you are given to purchase goods. What you don't pay upfront, but rather buy now and pay later.
What are some ways to increase your savings account?
There are many ways to increase savings. Saving money is not hard, it's how you do it that matters. If you keep your savings in a piggy bank (like back when you were little), then the likelihood of finding them again is small due to inflation.
What should I do to make sure I don't lose my money?
To make sure that you don't lose your money, place it in a savings account at the bank. Today, banks are safe and they offer secure services to their customers.
How much money do I need to start saving my money?
To open a savings account, the minimum amount of cash needed is usually $20.
What can I expect from a bank when I start saving money?
When you open your savings account, the bank will automatically put in some money for you (called interest). These are called dividends.
How much money will I make when I save my money at the bank?
It depends on how fast you want to grow your money. The money will grow every year, but the rate of growth depends on how other people (banks) are using their money.
Who can I borrow my savings to?
When you borrow your savings, it's like borrowing your friend's car for a day or two. These days can be long or can be short depending on how much money you borrow and for how long.
What can I use my savings to buy?
You can use your savings to buy almost anything! You could even start a small business with it or go on vacation. There are so many options, you just need to be willing to put in the work .
What is a debit card and what does it do?
A debit card helps you spend your money, but not at the time of purchase, rather later on.When you use a debit card to pay for something, the money you are spending is not in your account at that time . You are spending it when you are actually making that purchase.
What does delayed payment mean?
Delayed means "to push back." When you use a debit card to buy things, there is no actual physical transaction taking place until later on in time.
What is an ATM card?
An ATM(automated teller machine) card lets you access your money everytime it goes through the bank. This means that if you are out of town and need some cash, or want to make a purchase without physically coming to the bank, you can use this tool.
As you can see, there are many tools that people can use to monitor their savings account. One of the best ways to keep track of your financial status is through a savings account. You have many options when it comes to banking and how you will save your money for future use!