Whether you are a traditional college student who hasn’t yet embarked on a career or have been working for years, you should consider savings to be an integral part of your lifestyle. Smaller accounts from which you can easily withdraw money are important, but so is long-term savings. It costs money to borrow, no matter how attractive the terms are. Having a reserve of accessible cash will allow you to weather an emergency without going into debt. But the real power of saving lies in securing some of your money in savings instruments that you won’t touch for a very long time. This kind of savings will help ensure that you have a stable and comfortable financial future.

There are many tools and calculators available freely to help you compare different types of savings products. Do your research and speak with a financial expert to help you make decisions. The more you understand about how financial products work, though, the more empowered a consumer you will be. In this module, you’ll explore the mathematics that underlie savings instruments by making your own calculators in a spreadsheet and using them to analyze real-world situations you may find yourself in one day.