Let's Save Money!
Let's Save Money! Let's Save Money! Megan was a saver. She saved every letter her grandmother sent her. She always saved the pointy end of her ice cream cone for last. She had even saved a kitten from drowning! But Megan's friend Kyle had saved more money than she had. Megan was puzzled about how he did it. Megan and Kyle had each saved 10.00 dollars a month for one year. At the end of the year, they compared their money. Megan had 120.00 dollars and Kyle had more. Megan didn't understand
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Let's Save Money!
Let's Save Money!
Megan was a saver.She saved every letter her grandmother sent her.She always saved the pointy end of her ice cream cone for last.She had even saved a kitten from drowning!
But Megan's friend Kyle had saved more money than she had.Megan was puzzled about how he did it.
Megan and Kyle had each saved 10.00 dollars a month for one year.At the end of the year, they compared their money.Megan had 120.00 dollars and Kyle had more.Megan didn't understand why.She asked her mom to help solve the puzzle.
Mom explained that Megan and Kyle had saved their money in two different ways.Megan had saved her money in her piggy bank.But Kyle had saved his money in a bank savings account.Mom said that money grows in a bank savings account.Let's find out how money can grow.
Banks earn money by lending out the money you deposit, or put into your bank account.Since the bank uses your money, it pays you interest.Your money will earn interest for as long as you keep it in the bank.If you need to take money out of your bank account, you will not be fined.
Imagine putting 5,000.00 dollars in a savings account for college.The bank pays 5 percent yearly interest.After a year, there would be 5,250.00 dollars in the account.The extra 250.00 dollars is the interest earned.In five years the account would grow to 6,381.41dollars.And in ten years, there would be 8,144.47 dollars in your college account!
