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Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

Summer 2006 – Start Smart: Money Management for Teens

Do You Really Need Those $125 Designer Sneakers?

A "need" is something you cannot live without. A "want" is something that would be nice to have but isn't necessary.

"A need may be a pair of sneakers, but a want is the $125 pair advertised by your favorite athlete," explained Paul Horwitz of the FDIC.

When you can control your spending on life's wants, you'll have more money available to save for what you need in the future.

Janet Kincaid of the FDIC offered this tip: "Take a day or two to think about any purchase that will cost a significant portion of your savings," she said. "If you really need to buy the item, it will probably still be there for you. If you don't need it but you still want it, perhaps you can buy something similar that's a lot less expensive and save the remaining money for other things."

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Last Updated 08/16/2006