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| Written by CG Girl |
| Friday, 09 October 2009 20:30 |
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Money, Money, Money!!! Written by: Elda A. Guevara PART 2 Let’s talk about something that is near and dear to all our hearts……..$$ money $$. Yes, we all love it, we need it, we spend it, and we want more if it. But, do we know how to handle our money? Many of us learn by watching our parents and their spending and saving habits. If they are able to handle their finances well, then congratulations to you for having great mentors, but if they either didn’t learn how to handle their money wisely or perhaps established some bad practices, then you may have to take on the leadership role of being the first financially literate person in your family. There are so many things to learn, but taking the time to become informed is worth the effort. So, where do we begin? There are so many things to consider….how to save, investment options, when and where to get credit, how to budget……etc. Well, let us start at the beginning. Let’s find a place to save our money. And, no I’m not talking about stashing it in your calcetín drawer or under your colchón, girls! I’m referring to a financial institution. According to the Center for Financial Services Innovation, in 2007 20% of U.S. households (representing 22.2 million families) are unbanked. In other words, they are not using mainstream insured financial institutions. You get certain benefits from opening an account. First and foremost, your money is safer there than at your home. Banks and Credit Unions insure your accounts for up to $100,000. Your home-owners insurance will not cover your lost or stolen cash. Secondly, you collect interest on your money in an account. Interest is that extra little bit that is added to your account monthly. A third benefit of having an account includes getting your paycheck electronically routed to your financial institution through direct deposit, the use of an ATM card, the use of checks, bill pay services, and the ability to keep track of your incoming and outgoing cash through monthly statements. Choosing a financial institution can be a tricky process as well. Remember that when you are going to choose a place to put your money, you need all the facts. Ask a lot of questions before opening the account. Do they have a minimum balance requirement? Are there a minimum number of transactions that you can make per month? Is there a monthly charge for having the account? Is there a charge per check? Know the details before signing up for that particular institution. Well, now you know where to save your money. Get your shovel and go dig out that secret stash of cash you have buried in the backyard and find yourself a better place to put that money. Then and reap the benefits! |
