Saving money is a common way to manage money in our daily lives. Many people want to build wealth and achieve financial freedom by saving. However, to "maintain" household expenses on interest, how much money does the bank have? This is a question that deserves to be in-depth.
We need to be clear that if you want to "maintain" your household expenses with interest, you need to choose the right deposit method and investment channel. At present, banks provide deposit methods such as demand deposits, time deposits, money market**, etc. Different deposit methods have different interest rates and returns, so it is crucial to choose the right method and investment channel.
Next, let's analyze the benefits of each deposit method.
1.Demand deposit.
A demand deposit is a type of deposit with high liquidity, and depositors can deposit funds in a bank and withdraw them at any time. However, due to the low interest rate on demand deposits, the interest income earned through demand deposits is limited. Normally, the annualized rate of return of a demand deposit is 035% or so.
2.Time deposit.
Fixed deposit is a deposit method with a fixed term, and depositors need to choose the deposit term when depositing, such as 1 year, 2 years, 3 years, etc. The interest rate on fixed deposits is comparatively higher, and as a result, the interest income earned through fixed deposits is comparatively higher. For example, the annualized rate of return on a one-year fixed deposit in a bank is currently 1Around 5%, the annualized rate of return of 2-year and 3-year time deposits is 2Around 1% and 3%.
3.Money market**.
The money market** is a low-risk, relatively high-return investment. It mainly invests in low-risk products such as short-term bonds, money market instruments, etc. Currently, the annualized rate of return on money markets** is between 2% and 3%, which is higher than demand and term deposits.
Based on the above analysis, we can draw a conclusion: if you want to "maintain" your household expenses with interest, you need to choose a deposit method and investment channel, and have a certain amount of money in the bank. The exact amount of savings required depends on the family's income and expenditure, as well as the choice of deposit method and investment channel.
For example, a family needs to spend 5,000 yuan a month and wants to support the family through interest income. Suppose you choose a 1-year fixed deposit with an annualized rate of return of 15%, then the required deposit amount is: 5000 yuan 15% $333,333. This means that the family needs to have $333,333 in the bank to support the family with interest income.
This calculation is for reference only. In fact, the income and expenditure of the household, as well as the deposit method and investment channel chosen, will affect the amount of savings required. In addition, factors such as inflation, interest rate fluctuations, etc., need to be considered to ensure the financial security of the family.
In short, if you want to "maintain" your household expenses with interest, you need to have a certain amount of money in the bank. The exact amount of savings required depends on the family's income and expenditure, as well as the choice of deposit method and investment channel. In practice, it is necessary to formulate a reasonable savings plan according to the actual situation of the family to achieve financial freedom.
In the future, with the continuous development of the financial market, we look forward to seeing more wealth management products and investment channels to provide better financial choices for the majority of depositors. At the same time, it is also hoped that the relevant departments can introduce more policies and measures that are beneficial to depositors, increase deposit returns, and realize the wealth appreciation of depositors.
If there is a large change in the income and expenditure of the household, will the amount of savings required change accordingly? This is a question that deserves further attention.