Many families have been forced to give up putting anything aside in savings as the recession has raged and has forced them to focus on survival. Even if the household hasn't been hit with decreases in income, they have probably been called upon to help out relatives or even friends who are in trouble.

Many families have already drained their savings accounts just to get by until things improve for them, but it shouldn't be accepted as a way of life for them. If there is income, there should also be savings.

The question arises, of course, about where the best place is to put that cash. Our banks are where we think of first-opening a savings account that will yield interest and where the money will grow. However, it's good to do some shopping around. Some bank savings accounts don't have very good terms at all-the rate of return may be low and the fees high. However, the matter of safety is worth considering, and sometimes the safest place to have one's money is in a local bank where you already have other accounts. Your bank will probably have an investment officer who can help you think through this question and arrive at an answer that is best for you.

Credit unions typically bear good rates of interest and offer other benefits a savings account in a bank does not offer. A credit union is a not-for-profit cooperative that is owned by its members. They are typically operated by a mostly volunteer board. Because of this, credit unions pay their members dividends and offer them lower loan rates, higher rates on savings accounts, and very few service fees. These non-profit organizations are chartered and supervised by the National Credit Union Administration (NCUA). It's very rare to hear that one of them goes under. Each credit union has its own eligibility requirements, so you need to find one where you will fit.

Investments in stocks are another good way to save your money and to anticipate growth. However, don't be dazzled by stories of others who have made fortunes in this way. It's possible, of course, but the risk of the opposite happening is also high in such investments.

However, don't try to do it on your own. Following are some basic facts you need to know:

A share of stock stands for a share of ownership in a company.

A shareholder is a person or company that owns shares in a company.

A share of common stock gives the holder of that share a vote on matters of policy and on members of the board of directors.

A share of preferred stock is typically higher ranked; however, it carries no voting rights although it may carry priority in payment of dividends. In other words, if your share is preferred stock, you may be paid before any dividends will be paid to common stock shareholders.

Some people buy stocks online on their own, but most buy through a stock broker. A stock broker may also be an investment advisor who can manage your buys.

Shop around for a broker. Educate yourself on the qualities to look for before you turn loose of your hard-earned money.