Advantages & Disadvantages of Savings

Advantages & Disadvantages of Savings

Savings

People save money for all different reasons. They also save money in different ways.

You can keep your money at home or you can keep your money in a savings account at a bank.

If you keep your money in a bank, you will earn interest, or additional money, for allowing the bank to use your money.

Open Ended

Why would YOU save money in a savings account?

Multiple Choice

Sammie is saving her money to buy a new tablet computer. She has saved $100 so far. Sammie can either put the $100 into a savings account at her bank or keep it at home in a safe location. What are some advantages of saving her money at home?

• Easy access to

  your money

• No interest

  earned

• Someone may

  take it

Multiple Select

Sammie is saving her money to buy a new tablet computer. She has saved $100 so far. Sammie can either put the $100 into a savings account at her bank or keep it at home in a safe location. What are some advantages of saving her money in a savings account?

• Earn interest

• Not having easy

  access to your money

• Know where

  your money is

Multiple Select

Sammie is saving her money to buy a new tablet computer. She has saved $100 so far. Sammie can either put the $100 into a savings account at her bank or keep it at home in a safe location. What are some disadvantages of saving her money at home?

• Easy access to

  your money

• No interest

  earned

• Someone may

  take it

Multiple Choice

Sammie is saving her money to buy a new tablet computer. She has saved $100 so far. Sammie can either put the $100 into a savings account at her bank or keep it at home in a safe location. What are some disadvantages of saving her money in a savings account?

• Earn interest

• Not having easy

  access to your money

• Know where

  your money is

Multiple Choice

Natalie wants to buy a scooter for $100. Which bank has a better savings option?

• Bank A - Put $10 a week of her allowance in a bank savings account. The interest is $3 for every $100 in the bank.

• Bank B - Put $10 a week of her allowance in a bank savings account. The interest is $6 for every $100 in the bank.

Multiple Select

Which are variable expenses for dog owners?

• toys

• daily dog walking

• training classes

• treats

• veterinary costs

Multiple Choice

Mary needs $120 to buy a new computer program. What is the

disadvantage of Mary saving her money at home?

• She knows where her money is at

  all times.

• Someone may take the money

  and spend it.

Open Ended

What are some future things that you might save for by using a savings account at a bank?

Multiple Choice

Which statement is true about saving money in a bank savings account?

• You may lose money.

• You may end up with more money than the amount you deposit.

• You can never get your money out again.

• You have to pay the bank to keep your money there.

Multiple Choice

Which is a disadvantage of saving your money in a secret hiding place?

• You cannot always get to the money.

• The money will not earn interest.

• You will end up with more money than you saved.

• You can save more money.

Multiple Choice

Ivan earned $300.00 doing lawn work. His expenses were $26.72. How much was his profit?

• $273.28

• $283.28

• $263.28

Multiple Select

Which are fixed expenses for dog owners?

• toys

• daily dog walking

• training classes

• treats

• veterinary costs