No matter what your money situation is now, saving can put you in a better one later. And whether you can put away $10 or $1,000 every month, building your saving skills is the foundation of financial success.
Not how you listened to music in 1999. Stands for certificate of deposit. It’s a type of bank account that pays a lot of interest IF you don’t withdraw the money for a certain amount of time. Or else you’ll pay a penalty.
How fast and easily you can get your hands on your money when you need it. Cash savings is as liquid as it gets. Things that aren’t: a home, art, jewelry, stocks, and anything else you can’t sell at a moment’s notice for at least what you paid.
A cross between checking and savings. It might come with checks and a debit card, but typically limits your monthly withdrawals and pays higher interest like a savings account. And there may be a deposit minimum.
A less fancy way to say ‘net income,’ or the amount of money that hits your bank account after taxes are deducted from your paycheck. Look at this number when building your budget and deciding how much is realistic to save.