Step 1-Where to Save

Take Your Values into Consideration when Deciding Where to Save

Depending upon which value or values you find most important, There is NO SINGLE RIGHT PLACE to keep your savings funds, although each option has its own advantages and disadvantages. Where you save your money will depend upon your values and your priorities. The four primary values that might influence your savings decisions include follow following, with savings options after each

Anonymity and privacy

  • Savings receptacle at home (e.g. piggy bank, jar, safe, etc.)
  • Prepaid debit card
  • Coffee can buried in the backyard

Ease of access

  • Savings account at bank or credit union
  • Money Market Account (MMA)
  • Savings receptacle at home (e.g. piggy bank, jar, safe, etc.)
  • Prepaid debit card

Interest earned

  • Certificate of Deposit (CD)
  • Money Market Account (MMA)
  • Treasuries (savings bills and notes)

Security of funds

  • Savings account at bank or credit union
  • Certificate of Deposit (CD)
  • Treasuries (savings bills and notes)
  • Prepaid debit card
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