Smart And Dumb Ways To Spend Money When You’re Young
- By
Julia Austin
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Dumb: Sneaky interest funds
When you’re young, you’ll start receiving offers from banks, promising to give you incredible returns on savings accounts. The catch is that, you typically need to keep a high balance—often $10,000 or up—in order to avoid fees. The moment your balance drops below that figure, you could face a fee that’s higher than any interest you earned that year. Unless you can put nearly triple the minimum balance in such an account, don’t do it. An emergency cost may put you in the red.
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