Moneytalk with Al Suffrin
I'm a high school student, should I save my allowance and babysitting money?
Most of the things that I need are purchased by my parents, and I normally use my money to buy special things that I want like movie tickets or a new CD.
What percentage of the $70 I earn each week be put towards my savings? Also, should I set a "savings goal" to make sure that my personal savings never falls below a certain amount?
-Interested in saving, Norco
Dear Interested: To begin to learn more about savings, consider opening a savings account at a bank. Not every financial institution is child-friendly. Inquire of various banks about what accounts they have for children, is there a low minimum deposit, are fees waived for children, what is the current interest rate, and how often is interest paid to the account.
To determine an appropriate amount to save weekly, you should establish a financial goal and budget. Begin by listing your personal financial goals.
Ideally you want to have a balance, a positive figure representing remaining money to be used for future purchases or sitting in the savings account earning interest.
An example of savings and interest to meet your future financial goals would be something like this: In 2 years, you want to put a down payment on a car for college, and you will need $10,000. Your savings account will pay 2%.
Interest is compounded yearly; therefore, you need to save $4,950 per year.
Students' questions about finances answered - only in the St. Charles Herald-Guide. Financial expert and school board member-elect Al Suffrin, a certified public accountant, takes on the tough questions from parish kids- and their parents - in an important weekly column everyone should read. Send YOUR questions to: firstname.lastname@example.org or write: MONEYTALK, P.O. Box 1199, Boutte, LA
Subscribe Today and Save!!!
St. Charles Herald-Guide is an award-winning newspaper that covers all aspects of St. Charles Parish - from schools and parish government news to social events, features on our local residents and sports.
Order your subscription today!
The St. Charles Parish School Board will ask residents to approve up to $42 million...
Luling shift firefighter Joseph Riebow, 39, who’s fight against leukemia was...
A blaze last Thursday on River Oaks Drive in Destrehan has displaced a mother and...
St. Charles Parish residents might see a familiar face while tuning in to...
It’s been an up and down season for the Hahnville Lady Tigers.
The falling price of oil has resulted in low prices at the pump—in some cases, less...
At Saia Auto Consultants, our ultimate goal is to get you the highest quality vehicle for your money.
Satellite Center celebrates 10 years of preparing students for real world jobs - 709 views
Originally opened in 2005, the Satellite Center will celebrate 10 years at a special ceremony on Jan. 30. But many residents don’t fully grasp how important the center is when it comes to preparing St. Charles students for today’s work force.