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Savings

Not many people reading a “No Credit Check” site are going to be focusing on their savings account immediately, but they eventually will.

By the time a person pays down their credit card debts, they are going to have good spending habits. Once their ledger is even, many consumers are going to want to put those good habits to good use by saving for the future. This section of the website explores those topics.

This is not our main focus, but I want our readers to learn the basic information on compound interest, 401k plans, Roth IRA accounts, and other concepts involving their financial nest egg. When they know the basic terminology of savings, people can start to build for their children’s college education and their own retirement years. At the end of life, consumers keep consuming, so they need a large excess of cash built up to prepare for the inevitable.

It’s not a comforting thought, but learning about savings brings with it many happy thoughts. Compound interest is your greatest ally in life–something you can depend on. The basic idea behind compound interest is that a little bit saved now becomes a lot of money saved later. The sooner you start putting money in the bank (or some other financial institution), the better for you and your household.

I know that seems like a long way away, but it’s not. Once you start budgeting your income and putting it towards buying down your debt, you can open a savings account. Once you do, interest rates start to work in your favor–not against you.

Here are a couple of savings articles to get you started. One discusses the best savings accounts for people without 401K plans, while the other discusses cheap travel expenses.

Find Cheap Airfare for Flights and Travel Fares for Vacations
What Is an Individual Development Account?

Keep reading to learn more. We don’t have many pages in this section (right now), but like compound interest, that will change over time.

 

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