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Saving Money in Plain English
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A short guide to how compound interest can help money grow over time.
Take just a minute and think about the future you'd like to have.
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To get there, you need to be responsible and save your money so that it grows over time.
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This is saving money in plain English.
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Meet Jasmine. She's 20 years old and her goal is to buy a home in the future.
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Jasmine is already saving for that future home purchase and recently learned how to save responsibly.
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When she was younger, she had a piggy bank and often added money to it.
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The problem with the piggy bank was that her money just sat there.
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She got out the same amount she put in.
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Instead of using a piggy bank, Jasmine found a way to help her money grow over time
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by saving it in a bank or credit union where she can easily get it back when she needs it.
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While it's there, the bank uses her money to help other customers who need to borrow money.
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It's like Jasmine is loaning her money to the bank.
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Because she's helping the bank, they add a little extra money to her account automatically.
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It's these payments from the bank that help her money grow over time.
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This extra money is called interest and it's paid to Jasmine over the course of a year.
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The amount of interest she earns is based on two things.
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The amount she has in the bank and the Annual Percentage Yield, or APY, which is a rate set by the bank.
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Here's how they work together.
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Let's say you deposit $100 in a savings account with a 3% APY.
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That $100 will earn $3 in interest over the course of a year.
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Now, you could take that $3 in interest and buy a latte, but you decide to leave it in the bank.
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This way, you have more money in the bank and earn interest on $103 instead of $100.
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As long as you leave it alone, your money will grow even faster because the interest adds up year after year.
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It's called compound interest and this simple idea will help Jasmine buy a home.
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Here's how.
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In her piggy bank, Jasmine has saved $5,000.
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But for the home she wants, she knows she'll need more and realizes that smart saving is all about thinking long term.
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If she deposits this in a bank and earns 3% APY, that $5,000 would become $9,000 in 20 years.
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That's $4,000 more thanks to compound interest.
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$9,000 is good, but it may not be enough.
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To help her money grow even faster, Jasmine decides that she can add $100 to her savings each month.
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That's $1,200 a year, even more money to earn interest.
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This will be a huge help.
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Jasmine can see she's getting close.
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With the $5,000 she has saved, plus the money she adds monthly, she can save $29,000 over 20 years if she saves it in a piggy bank.
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But with compound interest from her bank, that $29,000 could become over $42,000 in 20 years.
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A nice start on buying her dream home.
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All she had to do was add money to her savings regularly and watch it grow.
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Yay!
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If you're ready to save responsibly, visit a bank or credit union and talk with a financial professional about APYs and savings.
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The keys to smart saving are to start today, add money regularly, and watch how compound interest can help your money grow and grow.
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I'm Lela Fever, and this has been Saving Money in Plain English on the Common Craft Show.
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One more thing, you can download presentation-quality versions of our videos without ads like this in the Common Craft Store.
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- Idioma/s:
- Autor/es:
- Common Craft
- Subido por:
- EducaMadrid
- Licencia:
- Reconocimiento - No comercial - Sin obra derivada
- Visualizaciones:
- 519
- Fecha:
- 12 de febrero de 2009 - 12:16
- Visibilidad:
- Público
- Enlace Relacionado:
- The Common Craft Show
- Duración:
- 03′ 50″
- Relación de aspecto:
- 4:3 Hasta 2009 fue el estándar utilizado en la televisión PAL; muchas pantallas de ordenador y televisores usan este estándar, erróneamente llamado cuadrado, cuando en la realidad es rectangular o wide.
- Resolución:
- 480x360 píxeles
- Tamaño:
- 5.26 MBytes
