Wednesday, February 24, 2021
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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.

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.