Save The Planet! Save The Whale!
What about Save Your Bank Account!
The world population is on a rescue mission for some cause or another. Well why not embark on a truly personal mission and rescue your bank account.
A small percentage of your disposable income deposited in an interest bearing savings account is a beginning to building a nest egg for your future.
Savings are identified as an amount of money that is not spent on purchasing goods and or services as soon as you have money at hand. Savings in general means accumulating money for a future use.
You can put this disposable amount to work for your future in a short term deposit for example. A short term deposit is a set time frame that the bank holds your money while paying you an interest rate on the monies that you have agreed to deposit. The time frame can be anywhere from 1 month or up to 5 years.
Generally the longer the term deposit the better the interest you are paid. You can also opt for the interest to be accumulated with the original term deposit. This then makes for a nice nest egg when you decide to with draw.
This type of saving does attract taxes and any interest earned from any financial gain must be declared on your tax return.
You can help the world economy by accumulating savings. Not the type of savings that get stashed in the mattress or hidden under the floor boards. If everyone saved their money this way this would impact on banks as they would not have the money to reinvest in such things as investments or company loans.
If the banks cannot lend the monies for growth then nothing expands. In short if savings are less than investment it eventually creates a slowdown in any future growth potential.
To make a simple example of how this works, in the early days of say a maize harvest if the farming community kept seed for next year's crop then this would be a saving that is being reinvested and put to use. If the farming community ate or sold the entire maize crop from that year. Well there would be no crop or seed to reinvest and food would be pretty scarce.
So by putting say 10% of your disposable income aside as savings you keep the economy on track and help economic growth which equates to increase in vital capital expenditure which leads to an economic boom rather than bust.
There is also a discussion that an increase in savings can influence interest rates. But experts cannot agree on whether a high level of saving would result in a decrease in interest rates and that rather it was the demand for money in general as a supply source that was the main factor in interest rate rises or decreases.
Save your account by putting aside say $20 per week in a savings account. This small weekly deposit could really change the world. The saying, " a little goes a long way'" comes to mind when in actual fact this can be true.
A small percentage of your disposable income deposited in an interest bearing savings account is a beginning to building a nest egg for your future.
Savings are identified as an amount of money that is not spent on purchasing goods and or services as soon as you have money at hand. Savings in general means accumulating money for a future use.
You can put this disposable amount to work for your future in a short term deposit for example. A short term deposit is a set time frame that the bank holds your money while paying you an interest rate on the monies that you have agreed to deposit. The time frame can be anywhere from 1 month or up to 5 years.
Generally the longer the term deposit the better the interest you are paid. You can also opt for the interest to be accumulated with the original term deposit. This then makes for a nice nest egg when you decide to with draw.
This type of saving does attract taxes and any interest earned from any financial gain must be declared on your tax return.
You can help the world economy by accumulating savings. Not the type of savings that get stashed in the mattress or hidden under the floor boards. If everyone saved their money this way this would impact on banks as they would not have the money to reinvest in such things as investments or company loans.
If the banks cannot lend the monies for growth then nothing expands. In short if savings are less than investment it eventually creates a slowdown in any future growth potential.
To make a simple example of how this works, in the early days of say a maize harvest if the farming community kept seed for next year's crop then this would be a saving that is being reinvested and put to use. If the farming community ate or sold the entire maize crop from that year. Well there would be no crop or seed to reinvest and food would be pretty scarce.
So by putting say 10% of your disposable income aside as savings you keep the economy on track and help economic growth which equates to increase in vital capital expenditure which leads to an economic boom rather than bust.
There is also a discussion that an increase in savings can influence interest rates. But experts cannot agree on whether a high level of saving would result in a decrease in interest rates and that rather it was the demand for money in general as a supply source that was the main factor in interest rate rises or decreases.
Save your account by putting aside say $20 per week in a savings account. This small weekly deposit could really change the world. The saying, " a little goes a long way'" comes to mind when in actual fact this can be true.