This article has previously been published in Aftenposten Junior, in May 2014
How is it best to save?
– Are you saving for a short time, you should put your money in the bank. Are you saving for 40-50 years, you should get help to buy shares. Stocks rise and fall in value, but provides generally more money than you get from the bank.
We have some money in savings pigs ours. Is it wise?
– There should have only trivial. Larger sums should put in the bank. When the bank gives you a bit of money (interest), so that they can borrow money.
What is interest?
– If you deposit money in the bank, you get a little money by bank thanks.
And if you need to borrow money from the bank, for example, to buy houses, you need to pay more money back than you borrowed. The reason is that the bank will also make money. Money Bank uses including to pay those who work there.
What is an account?
– It is “piggy bank” your bank. Bank takes care of your money. You can take them out of the bank, or use them whenever you want.
What happens to my money in the bank?
– The bank lends them away to people like to buy them house. You have anyway a guarantee that your money is not being used by others.
Can the adults withdraw money from their children’s account?
– Yes, until the children are 18 years old. If not, the money must be on an escrow account. It means that no one can withdraw money unless you and your parents agree.
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