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What do you like to spend money on? What do you save up for? How do you make sure you have enough cash for all of it?

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Managing Money: Bank It!


Topics on
Managing Money:
Spending and Saving
Needs Vs. Wants
Set Money Goals
Expect Expenses
Track Your Cash Flow
Create A Budget
Make A Saving Plan
Bank It!
IML Money Tips
From the Mentors
So, where do you keep your money? In a piggy bank? In an envelope tucked in a drawer? Maybe your dad keeps it in a locked box for you. Or some of you might even have a savings account at the bank. Is that the best way?

The fact is, when you have a lot of money, a bank is the safest place for it. Having lots and lots of cash lying around can be risky -- it can get lost or stolen. If you have $100.00 or more, you may want to ask a parent to open a savings account for you. Even with your savings account, you may want to keep some cash at home for little things that come up.

There are some other good reasons for opening a savings account:

  • You get a monthly statement (a record) from the bank which lists all your deposits, withdrawals, and current balance. The bank statement can make your record-keeping much easier and way more accurate.

  • You can earn interest. Interest is money the bank pays you for keeping money in their bank. So your money is earning money!

  • When you can get to your money easily, it's tempting to dip into it for spur-of-the-moment spending. But if your savings are safely stored at the bank, you're less likely to take money out on impulse. It's a way of protecting your money from the one person who can do the most damage to it-you!

Next, check out some IML Money Tips!

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Mad Money Quiz
Mad Money!
Can you control
your cash?

Vote Now
Do you keep your money in a savings account?
Yes, all my
       money is at the
       bank!
Some of my
       money is at
       home, and some
       of it is at the
       bank.
No. I keep it
       all hidden in
       my room!


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