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How Savings Works

When setting up a savings plan, it’s a good idea to think about more than just how much money you’ll need in the future. You should also be looking at ways your money can earn more money for you.

Fortunately, this is a lot easier than it sounds. In fact, just about the only way you can keep from earning more money with your savings is to put it under your bed or in a safe. If you take your money to a bank you can guarantee that over time you’ll make more money, and you won’t have to do a bit of work for it.

That’s because banks offer interest. In exchange for opening an account and giving the bank your money, the bank agrees to increase your money by a certain percentage every year.

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