Winter 2013-2014



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Fun & Games

There's more to getting money than an ATM card

It might seem like your parents can get money any time they want. However, there's more to getting money than going to an ATM. Before your parents can take out money, a few steps happen first:

•  Earn it. To make money your parents go to work. In return for the work they do, they are paid a certain amount of money called a salary or wage.
•  Store it. When your parents are paid, they get what's called a paycheck. A paycheck lists all of the money that they have earned since the last time they were paid. They probably put some or all of this amount into a checking account, where it is safely stored.
•  Spend it. The money stored in your parent's account is what they take out to spend when they use an ATM. They can only take out as much money as they have stored.
•  Save it. Spending right away isn't the only thing people can do with their money. Money can also be put into a savings account. Your parents may save for a car or house. Saving is an important way to make sure that you have enough money to buy things you might want or need in the future, too, like a game or a bike.
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