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Chapter 07

Saving and Investing Money

QuestionAnswer
Savings def Part of our income we choose not to spend
Reasons for saving For future planned expenditure, eg. A new car For emergencies Major family events
Factors to consider when saving Risk: will it be safe? Reward: will you earn interest? Liquidity: is it easily accessible? Taxation: will you have to pay tax?
AER stands for… Annual Equivalent Rate
DIRT stands for… Deposit Interest Retention Tax
Where to save Commercial Bank An Post Credit Unions Building Societies
Simple interest formula Principle x time x rate (eg. €1000 saved x 2yrs x 2%)
Compound interest formula Principle (1 + interest) x time (eg. €1000 saved (1+0.02) x 2 = €1000(1.02) x 2)
Investing def Putting money aside to get a better return on it in the future
Created by: TomDel123
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