Monday, October 22, 2018
   
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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. Read the Full Story
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.       Read the Full Story
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.       Read the Full Story
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. Read the Full Story

BOG FINANCIAL LITERACY PROGRAM

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.

 

   

 Placing money under your mattress is not the best or smartest place to keep it. It doesn't pay interest, inflation eats away at it, and, if you have a burglary, it is all lost.

Available to the average individual in Guyana, the most safe and common place to invest is in a Fixed Deposit Account or Certificate of Deposits (CDs). Unlike ordinary savings account, CDs offer a higher rate of return and requires commitment to an agreed time period before withdrawal. This stems the urge of going on shopping sprees and impulse-spending. Terms of commitment may range from 3 months to 6 years with higher interest returns the longer the money stays in the account. 

Funds for emergencies should be kept separate from investment funds because it is not easily accessible when emergencies arise.

Generally, it is recommended to invest your money when budgeted needs are met and you are left with extra cash. Other forms of extra cash come from receiving an end of year bonus, cash as a result of inheritance/settlement or job promotion.  All of these can provide a base to start investing and earning interest.

Disclaimer

Important: The information on this website does not constitute legal, financial or other professional advice but provides information for general reference purposes only. Every effort is made to ensure that the information given herein is of sound quality but no legal responsibility is accepted for any errors, omissions or misleading statements in the information, caused by negligence or otherwise.