ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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box
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savings account
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sock drawer
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bag
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Detailed explanation-1: -You can earn interest on your savings With savings accounts, it’s true that your money can help you earn more money. As of February 2023, some savings accounts, called high-yield savings accounts, offer an annual percentage yield, or APY, of between 3.3% and 3.5%.
Detailed explanation-2: -Savings accounts allow you to deposit money for safekeeping and earn interest on your balance. You can open these accounts at a bank or credit union.
Detailed explanation-3: -The general rule is to have three to six months’ worth of living expenses (rent, utilities, food, car payments, etc.) saved up for emergencies, such as unexpected medical bills or immediate home or car repairs. The guidelines fluctuate depending on each individual’s circumstance.
Detailed explanation-4: -Don’t Go Overboard. Separate Your Savings. Choose the Right Type of Savings Account. Work Toward Savings Goals. Utilize Direct Deposit. Check in Regularly. Save From Every Source of Income. Treat Your Savings as Off-limits. More items