Mya N Graves 16 of october 3rd

Name: Date: Class:

 BUILDING BLOCKS STUDENT WORKSHEET

Storing my savings
There are many different places to store your savings, and each
one has specific benefits and risks.
When choosing an option to store your savings, consider how secure it is, what
costs are associated with keeping your money there, and how easy it is to access
and use your money.

Instructions
 Review the “Options for storing your savings” handout.

 Reflect on the benefits and risks of each savings option.

 Write down questions you have about each option.

 Decide if you’d choose that option at this point in your life. Explain
why or why not.

Would I choose
Option for storing savings Questions I have Why or why not?
this option?

How often can you take Seems like a safe option.

money out.

Certificate of deposit
(CD)
Yes
A savings tool from a bank
or credit union that has a No
fixed maturity date and a
fixed interest rate.

SAVE & INVEST

Accounts

SAVINGS

BUILDING BLOCKS STUDENT WORKSHEET 1 of 4

Storing my savings
CHECKING

Spring 2023
 Would I choose
Option for storing savings Questions I have Why or why not?
this option?

what is the main Seems stable.

 Checking account difference between the
checking account and the
An account at a bank
certification of deposit?
(sometimes called a share Yes
draft account at a credit
union) that allows you to No
make deposits, pay bills,
and make withdrawals.

How do you know the I do not trust people.

money is safe?

 Friends and family

Yes
Having a friend or family
member keep your No
money for you.

Is there a limit to how It alows you to set aside

much money you can money for medical bills.
Health savings account
have?
An account at a bank,
insurance company, or
other financial institution Yes
that lets you set aside
pre-tax money, sometimes No
directly from your
paycheck, to pay for
eligible medical expenses.

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Storing my savings Spring 2023
 Would I choose
Option for storing savings Questions I have Why or why not?
this option?

Does the goverment need Seems hard to manage.

to keep track of your
money and if so how do
they do that with this
 Home system.
Yes
Storing money in your
No
house.

Can you not enter a Seems like it will keep

smaller amount of money track of your spendings
 Money market if it has limits, if so will it easily.
charge you?
deposit account
Federally insured account
at a bank or credit union
that offers a higher rate Yes
of interest than a savings
account, allows for a limited No
number of transactions
monthly, and may require
a minimum deposit or
minimum account balance.

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Storing my savings Spring 2023
 Would I choose
Option for storing savings Questions I have Why or why not?
this option?

Prepaid card Is there a limit to how Feels complicated.

A card on which you load many cards like this you
money in advance to can have?
spend. While a prepaid
card might look like a
debit or credit card, there
are differences. A debit
card is linked to your
checking account. When Yes
you use a credit card,
you’re borrowing money. A No
prepaid card is not linked
to a checking account or
credit union share draft
account. In most cases,
you can’t spend more
money than you have
already loaded onto your
prepaid card.

When do you regain the Seems like a stable way to

moeny you set aside? gain money and save it for
Savings account later.

An account at a bank or
credit union (sometimes Yes
called a share savings
account at a credit union) No
used to set aside money
and that pays you interest.

Is there a money limit for Seems uneffective.

it?
U.S. savings bonds
Interest-bearing Yes
savings security issued
by the U.S. government No
for a set amount of money.

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Storing my savings Spring 2023