Saving IQ

By Jacob Gaitten

Saving vs. Investing

Saving and investing have many differences. They both lead to advantages as well as disadvantages but it all depends on your financial situation. First we will begin with savings. Saving has four specific advantages consisting of the following. First, a portion of the income is not spent on consumption. Second, it is used to pay for emergencies and large purchases. Third, it's more liquid, easier to obtain. Lastly, it provides the foundation for a financial security. Now on the investing side it also has three major advantages and one disadvantage. The first one being, the purchase of assets with the goal of increasing future income. Secondly, it is used to pay for long-term goals, such as retirement and higher education. Finally, it helps build wealth more quickly. The only disadvantage is it is less liquid.

Reasons To Develope a Savings Plan

  • Portion of income not spent on consumption
  • Used to pay for emergencies and large purchases
  • More Liquid
  • Provides the foundation for financial security

Saving services (Offered y KEMBA)

  • Share Savings
  • Money Market Account
  • Certificates
  • Health Savings Account
  • IRAs
  • Christmas Club Account