In college, we really don’t have that much money. It is hard because we’re always wrapped up in homework to do, a class to go to, and then our part-time job right after. A busy schedule makes it hard to save up money because that’s less time we have to work. Although, that’s why we’re going to college right?
Most college students have an ordinary savings account they deposit money into. Are you one of them? Those savings accounts that give you barely any interest like .20% are pointless to even have. If you didn’t know already, you should try to make money off of your money. Even if you just have a few bucks in your savings account, you will do much better with a money market than an ordinary savings account.
It is great to open a money market at a young age because you can learn how easy it is to make money off of your money. Not to mention, you can start making more money at a younger age. If you’re not sure why exactly money markets are better than a typical savings account, continue reading below.
- Some of the great money markets get up to 6% interest!
- Even if you only got 2% in a bad economy that is still more than .20%.
- You will actually see dollars increase instead of cents.
- You can treat it like savings account – they’re very easy to use.
- It’s not like a CD which is harder to work with.
- You can still make withdrawals and deposits easy.
- A lot of them are still FDIC insured.
- You can make money without even doing anything!
Money markets are a great way to save money and make money off of your money. So, instead of opening up a typical savings account, start with money market. It is good to start these great kind of habits at a young age!