Hiding money under the mattress or storing it in a shoebox are old antics right? Well guess what? There are many who still use these ways to “save” their money! Imagine if you will, if the unthinkable were to happen. Your home catches fire…and your finances go up in flames along with all of your possessions…in a word…Devastating! So what should you do? Where can you stash your cash and be confident that it’s safe?
Well, the BANK of course!
Placing your money in a checking and savings account offers
- Safety ( Most financial institutions are insured through FDIC, so if the bank were to go “belly up” your finances are still secure)
- Convenience (Save time running around town to pay your bills. Checking accounts offer the “convenience” of writing checks from your account and also online bill payments through your banks website, as well as many locations for ATM access and convenient branch hours to speak with a personal banker)
- Manageability (Monthly statements to your home or online allow you to know where and how you’re spending your money. Many banks offer 24 hr phone service, and online account access to manage your money and set up recurring bill payments.)
- Short term goal setting (Saving for a wedding, vacation, buying a home, car, gift or just a “rainy day”? Savings accounts, Certificates of Deposit (CD’s), and Money Market accounts allow you to save for these important goals and better yet earn interest while you save.
- Retirement planning ( Most banks offer long term savings accounts such as IRA’s for retirement planning and will even assist you in speaking with a Financial Consultant about possible “outside” banking products and investing)
- Additional Savings ( How so? Well imagine how much money you can save by starting Direct Deposit…NO MORE CHECK CASHING FEES, or purchasing money orders to pay your bills. Start direct deposit with your employer and on pay day your money is already in the bank available for you to write checks to pay your bills)
- Rewards (Yes REWARDS…banks want to retain, and build lasting relationships with their customers so there is more then likely gifts, products and services offered at discounted prices and even for FREE)
Trust me, I’m a BANKER!
~Tiana Livingston