Mysterious savings bonds…let them go and watch them grow!
When I was a kid, I won a history contest and was knighted at the state capitol as a “Lady of the Golden Horseshoe” (seriously, it happened). For me, the more exciting benefit of this award was that it came with $100… then I found out that it was a $100 savings bond. I wasn’t going to have access to that money for YEARS? It had to GROW first?
Delayed gratification is never fun for anyone. My wise mother simply took the envelope and put it out of sight and effectively out of my mind. I added to my collection of savings bonds over the years through random avenues such as essay contests and embarrassing radio call-in shows. Fifteen years later, an envelope from Mom arrives in the mail. It’s those forgotten savings bonds, all matured and ready to cash in! Helloooooo… its vacation time!
You don’t have to wait for someone else to give you a savings bond; buy your own! It’s a great way to save money because you can’t immediately take the money back out on a whim, and you will get back more than you paid for the bond. According to FINRA, “Savings bonds are backed by the federal government, so your money is safe. While maturity dates differ depending on the type of bond you buy and when you buy it, most saving bonds continue to pay interest for at least 30 years from the date of issue.
“You can’t cash a savings bond for a year after you purchase it, and you’ll lose three months’ interest if you cash it in within the first five years. After that, you can cash it any time without penalty and collect the interest that has accrued. “
Visit Treasury Direct or a local bank to learn more about your options for saving money through savings bonds.
Amber C. Says:
Dollars and Uncommon Sense by Steve Repak
Most people are living paycheck to paycheck and the average credit card holder is $15,799 in debt. If you are like most people you could be one paycheck away from financia more...
Amazon Says: Amazon
Most people are living paycheck to paycheck and the average credit card holder is $15,799 in debt. If you are like most people you could be one paycheck away from financial disaster. In DOLLARS & UNCOMMON SENSE, Certified Financial Planner ™ and former US Army Sergeant Steve Repak outlines a strategy to change your misguided common sense ideas about money and learn to think like a true builder of wealth. Steve left the service with over $32,000 in credit card debt. Drawing on his 12 years of military experience in the Army he put his own finances through boot camp, getting himself out of debt and turning his finances around. Now Steve wants to help others do the same.DOLLARS & UNCOMMON SENSE will show you how to develop the same self-discipline that you need to finally change the way you think about money and start growing your own wealth. less...
Amber C. Says:
Budgeting Smarts by Sandy Donovan
Budgeting. That sounds like a lot of work! But actually, budgeting is easy. You just need to make sure the money you have coming in is equal to or greater than the money you h more...
Amazon Says: Amazon
Budgeting. That sounds like a lot of work! But actually, budgeting is easy. You just need to make sure the money you have coming in is equal to or greater than the money you have going out. If you make a budget and stick to it, you'll be surprised what you can accomplish. You can save money for a car or college--and still have spending money in your pocket. This book explores budgeting from all angles. You'll discover how to make your own budget either with a computer program or with simple pen and paper. how to evaluate your financial goals and priorities to make sure you have money for the things you really care about. the ins and outs of banking, saving money, and earning interest. how to make smart spending decisions to make the most of your cash. the benefits and the dangers of using credit cards. Supplemented with articles and information from USA TODAY, the Nation's No. 1 Newspaper, Budgeting Smarts delivers solid advice and firsthand stories of real teens handling many of the same money decisions you are. Ready to wise up to budgeting? Read on! less...