Check Your Options

Document created by patrickk_1 on May 16, 2016
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This short story is my two cents about savings. I realized very quickly that I do not have enough money (being a student and all) to invest in any real way. But, I have decided to do what I can to collect as much interest as possible. I decided to take as much money as I could, and put it wherever I would gain the most interest. When I was a kid, the only option I knew about was a certificate of deposit. Basically, it's a savings account that you can't withdraw money from unless you pay penalties. It also lasts for a set amount of time. Your reward for that is a higher interest rate. Thinking that was the way to go, I put a portion of my savings into a CD, thinking that was the best choice. However, I was educated by a relative, who told me about an account (capital one) that had an interest rate that was nearly twice that of the CD, without penalties for withdrawal. I know as students, a lot of us don't have much money to spare, but keep the long term in mind. EXPLORE OPTIONS! There are money markets, better CDs than what I had, and other types of savings accounts. Start saving while you can. I learned that options are important only after I tied up my savings in an account that I can no longer touch.

Explore your options and save what you can.