Comments on: Money Basics: Savings Accounts http://www.consumerismcommentary.com/2009/04/21/money-basics-savings-accounts/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Sat, 20 Mar 2010 04:00:59 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Matt Jabshttp://www.consumerismcommentary.com/2009/04/21/money-basics-savings-accounts/#comment-192981 Matt Jabs Thu, 23 Apr 2009 04:15:28 +0000 http://www.consumerismcommentary.com/?p=5979#comment-192981 My wife & I were just talking on the way to church tonight, about the automatic savings drafts we recently set up via our ING Direct accounts. We love it. It is awesome to set up a portion of your money (as big as you possibly can) to auto-transfer into a savings account. After awhile it is as if you never had the money in the first place; you simply forget about it...until you log into your savings account & see the incredible growth!I also wanted to say that I cannot believe I went through 17 years of formal education and never learned how to create or balance a personal budget. That truly is a sad testament to the modern education system in this country. Considering this point light is shed on why we are falling behind the average level of education other nations provide at such an alarming rate. I believe it is possible to get the highest level of education in the country, but I do not think it is afforded the common man at a common price.All that said, I actually believe parents are responsible for educating their children in these matters, but since this is rarely the case schools would be doing us a benefit by including them. That is of course assuming they know how to manage their own finances??? ;-) My wife & I were just talking on the way to church tonight, about the automatic savings drafts we recently set up via our ING Direct accounts. We love it. It is awesome to set up a portion of your money (as big as you possibly can) to auto-transfer into a savings account. After awhile it is as if you never had the money in the first place; you simply forget about it…until you log into your savings account & see the incredible growth!

I also wanted to say that I cannot believe I went through 17 years of formal education and never learned how to create or balance a personal budget. That truly is a sad testament to the modern education system in this country. Considering this point light is shed on why we are falling behind the average level of education other nations provide at such an alarming rate. I believe it is possible to get the highest level of education in the country, but I do not think it is afforded the common man at a common price.

All that said, I actually believe parents are responsible for educating their children in these matters, but since this is rarely the case schools would be doing us a benefit by including them. That is of course assuming they know how to manage their own finances??? ;-)

]]> By: Lisa Barneshttp://www.consumerismcommentary.com/2009/04/21/money-basics-savings-accounts/#comment-192968 Lisa Barnes Wed, 22 Apr 2009 17:52:46 +0000 http://www.consumerismcommentary.com/?p=5979#comment-192968 My teenage daughter was just asking me about the differences and the purposes of various types of bank accounts. Thanks for giving me such useful information to pass on! My teenage daughter was just asking me about the differences and the purposes of various types of bank accounts. Thanks for giving me such useful information to pass on!

]]> By: Flexohttp://www.consumerismcommentary.com/2009/04/21/money-basics-savings-accounts/#comment-192954 Flexo Tue, 21 Apr 2009 20:55:43 +0000 http://www.consumerismcommentary.com/?p=5979#comment-192954 I have <a href="http://www.consumerismcommentary.com/2007/04/12/should-high-schools-require-money-management-classes/" rel="nofollow">several problems with courses dedicated to money magement being included in the already overloaded core (required) curriculum</a>, but the options should exist in schools for parents who feel they do not have the ability to teach their own children life skills and want their kids to participate in an elective. There is no easy answer. Children and adolescents aren't learning the life skills they need, but education system isn't the complete fix for the problem. I have several problems with courses dedicated to money magement being included in the already overloaded core (required) curriculum, but the options should exist in schools for parents who feel they do not have the ability to teach their own children life skills and want their kids to participate in an elective. There is no easy answer. Children and adolescents aren’t learning the life skills they need, but education system isn’t the complete fix for the problem.

]]> By: Brad Harbachhttp://www.consumerismcommentary.com/2009/04/21/money-basics-savings-accounts/#comment-192953 Brad Harbach Tue, 21 Apr 2009 20:34:06 +0000 http://www.consumerismcommentary.com/?p=5979#comment-192953 It is a complete joke that basic financial education is not part of our core high school curriculum in the United States. We graduate students who have memorized the exact year Columbus set sail and who can describe photosynthesis, but who don't have the slightest clue how to be financially responsible. At the very least we should teach one lesson on the magic of compound interest so our students can graduate with an understanding of the time value of money and how it can both positively (investments) and negatively (credit card debt) impact their lives. It is a complete joke that basic financial education is not part of our core high school curriculum in the United States. We graduate students who have memorized the exact year Columbus set sail and who can describe photosynthesis, but who don’t have the slightest clue how to be financially responsible. At the very least we should teach one lesson on the magic of compound interest so our students can graduate with an understanding of the time value of money and how it can both positively (investments) and negatively (credit card debt) impact their lives.

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