Posts Tagged ‘$1’

How and Why to Start a Savings Account

Tuesday, March 3rd, 2009

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Put your money where the bank is.


Get that cash out from under your mattress and your bra is not a good hiding spot. I’ve seen some funny and innovative places that people have hidden their cash but none of those places is safer than the bank. Does your mattress doesn’t pay you to put money under it? Well a bank does.

First things first, you want to find the bank that’s for you. If you’re a walk-in type of person, you’ll want a bank that has a branch in your area. If you’re internet savvy, you might want a bank where you can control everything online. Interest rate is also a big factor you should take into consideration when choosing a bank. The higher the interest rate, the more money you will make putting your money in that bank. Some banks require or “suggest” you start your account with a certain amount. This could be anywhere from $500 to $5000 to much more. Some suggest you keep a certain minimum balance your account. These are all things you want to know before you start putting your money anywhere and before you sign anything!

Next you should decide if you’re saving towards a purpose (like a home or car) or just to save for your future. Something like this can make a difference to the banker when you go to open your account. Decide on an amount from every paycheck that will go into your account automatically. Try not to deviate from this amount. A general rule is 10% of the money you bring in. You could also set up a change jar and save up extra change and dollars in between paychecks. You’ll be AMAZED how much change adds up. Once you’ve chosen your bank and you’re familiar with that bank’s practices, policies and interest rate go ahead and sign up. If you do this online you may have to send in a form with your signature or some official documents.

Why in the world would you want to start a savings account to begin with? Isn’t a checking account enough? Isn’t my pocket enough? Well, to tell the truth, the easier the access you have to your money, the more likely you are to spend it. That’s just a simple fact. You need to have some backup money that you have access to but that isn’t the easiest, first route you go through to pay for something. You need a savings account to save for an emergency. In case your car breaks down or you have something unexpected comes up from across the country. You don’t want to have to pull out a credit card if you don’t have to. Save for retirement, save for college, save up for a vacation. No matter what it’s for, even just a rainy day, even just a dollar here and there, SAVE your money. You’ll thank me later.

The History of the Paper Dollar

Saturday, February 28th, 2009

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The Massachusetts Bay Colony was the first of the thirteen colonies to issue permanently circulating banknotes in 1690. The reason behind this was because the paper could be more readily printed and circulated than gold coin. Many of these early bills were marked “Tis Death to Counterfeit.” In the early 1700s, each of the thirteen colonies had issued their own banknotes called “colonial script.” 1789 brought about the First Band of the United States which issued fixed denominations and printed banknotes until 1811 when it closed. From 1816 to 1841, the (you guessed it) Second Bank of the United States took on the responsibilities of printing banknotes.


The civil war, in 1861, needed to be funded with money that there just wasn’t enough of. In 1862, under Abraham Lincoln, the demand notes were issued, taking the place of interest bearing currency. Some necessities were added and changed in the next few years in order to stop counterfeiters. The new “Greenbacks” had an engraved Treasury seal and red and blue fibers in the paper which made them (at the time) very difficult to counterfeit which would cost the banks more money. Gold certificates were also issued against gold coin and bullion and were still in circulation until 1933 as well as silver certificates being issued for silver dollars until 1957. 1865 brought on the need for a Secret Service to police and control counterfeiters. How much was that really needed and how much of the US’s money was counterfeit? Oh only about one-third!


The one dollar United States Note was redesigned with a portrait of George Washington in the center and a vignette of Christopher Columbus. The back of the note also featured green and blue tinting. In 1880 the red floral design was added around the words “One Dollar” and “Washington D.C.” From 1890 to 1899 the gold and silver certificates were redesigned repeatedly in order to continue to make them harder and harder to be counterfeited. In 1910 the Department of the Treasury’s Bureau of Engraving and Printing took on all currency production functions including engraving, printing and processing. The Federal Reserve Act of 1913 created the Federal Reserve System. This means that the Federal Reserve became the central bank, regulating the flow of money. The Federal Reserve also became, to this day, the only authorized entity to issue Federal Reserve Notes (also known as, The Dollar(s)) which are the only U.S. currency produced and 99% of all currency in circulation!


“In God We Trust” No matter your religion, you know this phrase. This phrase was required by Congress in 1955 to be on every piece of currency and to this day, it still is. The last major change that was made was the microprinted security thread which was first introduced in 1990. It started with the $100 bills and the $50 bills, then eventually was introduced into the $20s, $10s, $5s, and $1s. Take a look at the money in your wallet. Now you know part of the long road traveled it took to get there.