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(J)ODELING A SAVINGS PLAN Older generations often counsel younger people to save their money. Saving is an economic choice, so it has an opportunity cost. If you save your money, you can't spend it on whatever you happen to have your eye on. That's why, much of the time, people ignore the advice \"save your money!\" But saving gets you something that spending never will interest. Interest on your savings can add up. Take it from someone who knew a thing or two about i accumulating money: industrialist Andrew Carnegie. To him, saving was crucial, and the interest his savings earned seemed to him a kind of \"magic\" that gave his money \"wings.\" Instructions: Learn about savings and interest in your own life by completing the following steps. You will need a pencil or pen and your textbook. A calcuiatof is optional. Be prepared to conduct outside research. 3443 UNDERSTAND THE SOCIAL AND PERSONAL BENEFITS OF SAVINGS Saving has concrete benefits for the economy as a whole as well as for the individuals who save. 1. Consider what you have learned about the American economy. How does saving help the economy as a whole? 2. How does saving benefit individual savers? E3yiFA OUTLINE A SAVINGS PLAN The basic parts of a savings plan are easy to understand, yet important to consider carefully. Individuals whe do so tend to be mare disciplined and successful savers. What might you need or want to save for? The possibilities are endlessan emergency fund, college, a car, and so g on. Think carefully about what you would like to have money for in the future. ?; 3. List five things that you would like to start saving for now, g a. g) b. g c g =5 d T B e 7 Choose the item on your list that you think you should save for first. Write it below. This is your savings purpose. Savings Purpose: 10 Economic Laboratories Name__ Date_______ Cls {ECONOMICS LABORATORY (o 3 ff?} k o 8 e R e EenseaseerraeesasesasesasasstENENIIERINteNrIlNENIRNeRaRIResRRRsRsRsesnenensssssncacasiolesas 4. What is the total amount of savings you will need to achieve your savings purpose? Write it below. This is your - savings goal. Savings Goal: 5. How long do you have to reach your savings goal? Six months? Five years? Write it below. This is your target time frame. Target Time Frame: 6. Review your answers to questions 3-5 and compile them into the table below. You now have the basic outlines of a savings plan. (s o e S 5 (e | - o The information in the table can be put into the form of a sentence. For example, \"To buy the car | want [savings purpose], | need to accumulate $4,500 in savings [savings goal] in the next two years [target time frame].\