There are so many things that we teach our children that keep them on the right path throughout life. How to save money is one of the most important lessons that parents teach their children. Teach your children about finances by opening an account and setting money aside. They'll learn about patience, interest and saving.
It's easy to forget, or ignore, the need to save. We all too often are saying that there isn't enough money to put into savings and we'll do it later. But if there isn't enough money to put into savings, is there enough money if there is an emergency. By having a savings plan, you can keep an emergency from destroying your finances.
Savings can be anything from a simple savings account to bonds and retirement plans. You may be saving for emergencies, college, a new home or for retirement. Or even for all of the above! No matter what your goal is, there is a savings plan that will fit your needs. Not all types of savings are going to work for you. You have to find the plan that fits your own personal financial needs.
What makes saving money just a wonderful experience is interest. You aren't just saving your money, your actually letting it grow. Your money is making more money. How does this work?
When you put money in a savings account, certificate of deposit (CD) or money market account, you are basically lending the money to the bank. The bank will use your money to make loans to other customers. They are borrowing money from you and paying you interest, while someone pays them interest on the money they have borrowed from the bank.
Banks charge higher interest rates on loans so that they can pay your interest, plus make their own profits.
Interest can seem like a complicated math problem, but it isn't hard to understand. Most banks will talk about both "rate" and "yield."
For example, a $10,000 CD with a 5% annual interest rate (APR) will also have an annual percentage yield number (APY) that is a higher number. The difference between the APR and the APY depends on how frequently the interest is paid, and in what form.
If the interest is paid annually at a rate of 5%, the $10,000 investment with earn $500. Simply multiply the investment amount by the APR to determine the interest paid. When the interest is paid annually, the rate and yield are the same.
The yield goes up as interest is paid more frequently. The interest begins to earn interest along with the original investment. When the 5% CD is paid twice a year, in six months the interest payment is $250. We figure this by multiplying the original investment by the interest rate for half a year, or 2.5%. The $250 in interest will earn $6.25 in interest over the next six months, adding $256.25 at the next six month mark. Compound interest is starting to take over.
In the first scenario, the CD earned $500 in interest in one year. The rate and yield is at 5%. The second CD earned $506.25. The rate is still at 5%, but the yield has increased to 5.06%. It may not seem like a lot, but over time it keeps building up. When shopping around for savings plans, look at both rates and yields.
What should we do with our trash? Should we burn it or should we store it in a landfill? Two reasons why storing our trash in a landfill is a better solution, but the third solution is best:
1. Landfill waste creates methane, which could (eventually) be harnessed as an energy source.
2. Burning waste releases it into the atmosphere, while keeping waste in a landfill site keeps it relatively contained. Neither one is ideal, but scientists are more likely to find a way to help reduce the toxic effects of waste that is relatively contained in a landfill site than waste that is dispersed thickly into the atmosphere through burning.
3. Recycle like crazy, it cleans, heals, and saves on resources while even creating jobs at home.
Plastic Carrier Bags
Did you know that around 500 billion plastic bags are used every year? That's 500,000,000,000! To say that's 'a lot of bags' is an understatement; in fact, it's so many bags that over 1 million bags are being used every single minute of the day! Incredible, isn't it?
What happens to all those bags?
The truth is, most of them end up on landfill sites where they take around 300 years to break down. Yes, that's right - 300 years! This means that when you're great-great-great-great-grandchildren are old, the bags you use today will still exist, along with the millions and millions of others used this year and every other year.
Plastic bags aren't only clogging up landfill sites though. They're also polluting our countryside, rivers and seas. Animals often mistake plastic bags for food, and once their intestines are clogged by a bag that won't break down, they have to endure slow starvation until death finally claims them. Sea creatures often become entangled in plastic bags and drown. These aren't great things to think about, but sometimes we have to face the truth whether we like it or not.
By reducing on plastic bag usage, we can create a better environment for ourselves and every other creature we share our planet with.
If you'd like to help improve the situation, you could try any of the following:
* Re-use bags when you go shopping. The "free" bags that supermarkets offer at the check-out aren't really free - the cost is baked into the overall pricing structure. If you want to be really cheeky, you could always ask for a few pence or cents off your bill being as you aren't taking a bag.
* Choose biodegradable bags to use for litter (photo degradable bags—those that aren't designed to break down quickly and are used for litter collection are guaranteed to end up on landfill sites taking hundreds of years to break down).
* Re-use large plastic sacks whenever possible.
* Refrigerate food in containers rather than plastic bags. Not only is this better for the environment, it'll save you quite a bit over the course of a year because plastic food bags aren't cheap.
Both Rateempire & Mervyn Rees are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Rateempire has sinced written about articles on various topics from Finances, Diamonds and Mortgage. offers mortgage, real estate and debt services programs. #1 Christian Finance also provides support for. Rateempire's top article generates over 18100 views. to your Favourites.
Mervyn Rees has sinced written about articles on various topics from Information Technology, Family Travel and Cars. Mervyn Rees - Author of, 'The Secrets of Biodiesel'. An active young 72 year old w. Mervyn Rees's top article generates over 27100 views. to your Favourites.