Why Should You Save?
Saving is important. The list of reasons should motivate one to start saving. Savings should be stored in a safe place, preferably a bank or saving institution which will allow you to:
Earn interest and help your money grow;
Reduce the temptation of spending irresponsibly;
Make safer payments that are less time consuming and less expensive;
Establish a relationship with the Bank;
Enjoy services offered by banks such as access to loans;
Have enough funds to cover living expenses in the event of a disaster or sickness;
Pay for university/college expenses, wedding, buying a home and for a comfortable retirement, among others.
Develop a habit of saving.
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Why Should You Invest?
Investment is putting money into something with the expectation of returns within an expected period of time. Investment is related to saving or less spending. You can add to your future income by having your money do the work for you. Investing should always be done with the aim of ‘growing your money’ by having it gain interest, which requires time.
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What Is An Automatic Teller Machine (ATM)?
The Automatic Teller Machine (ATM) allows you to deposit and withdraw money using the machine. Most Banks in Guyana operate ATMs. If you have a savings account with these banks you are offered this service. Once you accept this service you are issued with a debit card by the bank which you can use to deposit money into and withdraw money from your bank account using the ATM. You are also issued with a unique pin number which should be known only to you.
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What To Do When You Receive Money?
Let’s say that you have a job or any other source of income. For example, your friend or family member who lives abroad sends you $1,000 dollars.
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BOG FINANCIAL LITERACY PROGRAM
What To Do When You Receive Money?
Let’s say that you have a job or any other source of income. For example, your friend or family member who lives abroad sends you $1,000 dollars.
You can either choose to:
Bank it
If you do:
- Your money will be safer.
- You will be able to earn interest.
- You could have access to other types of accounts other than your savings account.
- You will create a relationship with the bank, which could give you access to other banking services.
- You have a record of your savings and withdrawals.
- You can pay your utility bills such as water, telephone and electricity for a small fee.
Not Bank it
And if you choose to, you will always have cash with you, however:
- You will tend to spend more as your cash is readily accessible.
- You will be more likely to loose your cash.
- You will forego the opportunity to earn interest.