Let’s Talk about Money!

I have Always told people that I hope they Keep their Money in the Bank and don’t waste it!

By that I do not mean literally that every penny should be in the bank.  There are lots of ways to save money and places also.  Credit Unions are a favorite of mine in addition to local banks.  But people amaze me and here is why!
Ok,so I have been spending some time lately talking with and listening to younger people about money and finances.  I think the thing that amazes me the most is the number of young (and even into their 40’s) people that I have spoken to that don’t have any type of relationship with any bank at all. They cash their paychecks at the store they shop at! 

  • You are really missing out on your money if this is what you are doing. Most stores have a minimum purchase to cash your check for free or they charge either a dollar amount or a percentage to cash it. Other people go into the bank it was drawn on and pay the fee that bank charges to cash it because they do not have an account there.
  • So, almost every town has either a bank or a credit union that offers free checking or free savings (with a debit card). Most of them can be “had” by using direct deposit which most employers offer. There are other ways to get a free account at your local branch. Just go into a few of the banks near you and speak to a personal banker at each one. Ask them for the information about an account that would work for you and how to get it for free. Sometimes it is a minimum account balance (like $100); a minimum account balance is a great way to have something to fall back on. The reason I say this is you know you are “sacrificing” it to keep the account free.
  • Ok, now, before you sign up with the first bank you walk into, walk out with notes and a business card and information and take a breath…and go to at least one more financial institution so you have something to compare it to. So you know you are getting the best deal for you and your money.
  • Next, once you have chosen the right bank or credit union for you, go back in and talk to that personal banker again. Then you need to be open and honest with them. Remember, it is their job and it is the law that they cannot share what you tell them with anyone. So ‘Fess up and tell them you have never had an account before and don’t know how to balance an account book or checkbook. I know every banker that I know would sit down with you on a regular basis and help you learn to balance it.
  • Now here is where the fun comes in, at least that is what I always think. You know how when you have change in your pocket at the end of the day and you throw it in a change jar? Well what I do at the end of the month, once my bills are paid and my budgeted fun money (like my mani-pedi) is out. I wait for my next paycheck to come in the next month.  Once the first paycheck comes the next month. Whatever I have left, $5, $50, it doesn’t matter, goes into a separate account. I connect the two accounts and roll it right into the back up savings account.
  • Now, if by some chance I have an emergency a few months down the road, whatever is in the savings account can be rolled back into the primary account, be it checking or another savings account, to use for that emergency. I also get change wrappers from my bank and wrap whatever change i have dropped into the change jar at home, then I take it to the bank and deposit it in the savings account every months’ end. DO NOT use the machines that count your change for you! That is sheer laziness! They take like 10% of your money and if you are thinking, no big deal it is only $3 this month…think of it this way, If it takes $3 a month because you are too lazy to wrap your change, that is $36 a year. For $36 I can wrap my own change…WORD

Much Love and keep your MONEY IN THE BANK ~ Janet

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