Does comic life 3 automatically save to the cloud
Only one of those (i.e., the comics) still has any meaning or value to me. My problem was that, in spite of the remarkable rates I was being offered, I too often chose to spend on fast food, movies, and comic books. My problem wasn't a lack of savings options. Double-digit interest rates were the norm then, transforming every $100 or so I stored away from income earned as a newspaper carrier into $10 or more for every year that I kept the cash squirreled away. My parents opened a passbook savings account for me when I wasn't much older than my daughter is now. Yet I have a hard time arguing that saving is a wonderful thing to do when I know from experience that there are plenty of other ways to earn more. Bankrate shows that most mortgages now cost about 3% annualized, which means the vast majority of institutions that pay well below 1% on deposits earn 3% or more on the funds they've borrowed to lend to others.īanks have a right to make money, of course, so that delta shouldn't surprise me or anyone else. Under the best of circumstances, my daughter's $100 would earn her just $0.09 per year - nowhere near enough to buy anything matters to her or any kid.īut it's worse than that. Among the better-known names, American Express ( AXP) and Discover Financial ( DFS) offer accounts that pay 0.85% and 0.80%, respectively, Bankrate reports.īanks aren't doing me - or any parent - a favor by offering my kids essentially nothing for their cash. Many big-name banks offer 0.10% or even less. Record-low interest rates make for laughable returns for the average savings account: The very best savings deal published by Bankrate ( RATE) offered just 1.05% for balances above $25,000 as of this writing, and just 0.90% for other accounts. Instead, I'm talking about a savings account my daughter owns: a mechanism designed to help her save for stuff she'd like to have.
My wife and I sock away some money in 529 accounts for each of our kids whenever we can. Let's be clear that I'm not talking about college savings in this article. "But honey, you'll earn a whole 9¢ in interest!" For now, let's just build the habit, I argued. Rates will rise at some point and she'll be paid more. My answer was essentially what it had to be: because putting money away for later is a good habit.
That naturally led to her asking what the point was in putting her money in the bank, making it harder to get to, especially when she isn't already a spendthrift. The honest answer is that she'd get paid basically nothing. My 9-year-old daughter - the crafty genius of the family, really - had me at one point when she asked how much she'd be paid for trusting the bank with her cash. I often have a hard time explaining to my kids why they should put some of their money in the bank.