ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -A hold means there’s money in your account that isn’t available yet. We might place a hold on money for a number of reasons that delay its availability. For example, you might have deposited a Western Union money order for something you sold online. That’s essentially a check deposit, subject to standard hold times.

Detailed explanation-2: -Definition: A savings account is an account to hold money not spent on current consumption.

Detailed explanation-3: -The options include traditional savings accounts, high-yield savings accounts, money market accounts, certificates of deposit, cash management accounts and specialty savings accounts.

Detailed explanation-4: -Switch to Cash-Only Switch to cash only to pay for the majority of your expenses. Set up auto debit for all your bills and savings contributions, then see how much money you have left over. That’s how much you have to spend. Take out that amount each week or month, and when it’s gone, it’s gone.