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Created with Fabric.js 1.4.5 Ways to Save SIGNSOFEMMOTIONALMATURITY ONLINE SAVINGS ACCOUNTPros:-Money is easily accessible.-Very safe investment.-Offer higher interest rates than a traditional savings account.Cons:-Relatively low interest rate.-Can take longer to get to money than with a traditional bank. SAVINGS ACCOUNT Pros:-Money is easily accessible.-Very safe investment.Cons:-Low interest rate. SAVINGS BONDSPros:-Very safe investment.-Interest earned is generally exempt from state income tax.-Interest earned may be exempt from federal income tax if bond proceeds are used to pay the beneficiary's qualified education expenses.Cons:-Bond proceeds that are not used for the beneficiary's qualified higher education expenses will be taxed to the owner.-Qualified education expenses for purposes of US savings bonds generally include tuition and fees only, not room and board. CHRISTMAS CLUB ACCOUNTPros:-Earn a higher interest rate than a traditional savings account.-Designate the money in the account for a specific purpose.Cons:-Must be a member of the Georgia United Credit Union to open.-Penalty applied if money is withdrawn before Nov. 1st. VACATION CLUB ACCOUNTPros:-Earn a higher interest rate than a traditional savings account. -Set a maturity date in line with your goals.Cons:-Must be a member of the Georgia United Credit Union to open.-Penalty applied if money is withdrawn before maturity date. TAX ADVANTAGED RETIREMENT ACCOUNTSPros:-Contributions to traditional IRAs and 401(k)s are tax deductible.-Qualified withdrawals from ROTH IRAs are tax free. Cons:-Penalty for withdrawing contributions early. Notes:
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