Do you stash your cash in your panty drawer? Of course, it’s necessary to have a stash of cash for emergencies (actual, not fashion). But if there is ever more cash than underwear in my drawer, I could be doing my $$ a disservice.
(click on the bold-faced vocab words:))
If I were to deposit that cash into a savings account, it could grow! Grow with respect to the interest rate, that is. The interest rate determines the % of my account balance the bank pays ME! The bank likes storing my $$, and interest payments are their thank you note. Here’s a reminder courtesy of Don Draper.
There is a bevy of other options to grow my money even more. A savings account is by far the most straightforward. The others have an intimidation factor. But, keep reading and I will conquer intimidation!!
(Originally published on Amanda Stanhaus’s financial literacy blog: XO, Bettie.)