Earning Compound Interest

There is a lot of talk about compound interest in the world of personal finance. It is a double-edged sword that can be your worst enemy – exponentially increasing the amount of debt you owe – or your very best friend, steadily growing the size of your savings or retirement account.  But do you know how it works?

In terms of savings, compound interest is the idea that your money will grow over time and that small amounts saved now can grow to much larger amounts in the future. The earlier you begin saving, the longer you have your money in the account and the more beneficial it can be for you! Check out this video from BetterMoneyHabits.com to see the math behind the term and learn about how compound interest can make your money grow faster.

And don’t forget to check out our nifty infographic on the Miracle of Compound Interest!

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  • Written by Katie Bryan | November 27, 2013

    Take control of #saving & #spending during the #holidays - create a holiday budget! http://ow.ly/CP1lO

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Learning to Save

Written by Katie Bryan | October 28, 2013

Kisha Barns’s financial situation was undisciplined, unrestricted, and impulsive before she came into contact with her local America Saves campaign, Charlotte Saves.

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Inspired to Build Savings By Starting Small

Written by Great Lakes Michigan Saves | April 19, 2016

With little-to-no money in the bank and living on a limited income with her adult daughter, Sharon wasn’t sure if building up savings for her future was even possible. “At my age, to put debts behind me would be a relief,” she said, but she wasn’t quite sure how to even get started with a savings plan. That all changed when Sharon attended the Great Lakes Michigan Saves Pay Yourself First Saver’s Summit during America Saves Week.

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Transforming “I Can’t Save” to “I Will Save”

Written by Guest Blogger | January 13, 2016

You will not believe what it took to completely change my life. About three years ago, the HR Administrator of the corporation where I worked (as a temp with no benefits) forwarded an email to me. Fifteen seconds. One small act of kindness. That's it - that's all it took!

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