I can’t tell you how many people I’ve met or heard about who, for whatever reason, don’t have an account at a financial institution. They take their paycheck every week or two, get it cashed and head on their merry way.
Of course it’s no wonder they’re probably living paycheck to paycheck.
I’m not trying to dog on anyone. And to most it seems like common sense. But if you don’t have a bank (or credit union) account you need to go out tomorrow and GET ONE. And put your money in it. And keep it there. 😉 It’s much safer there than in your house anyway. Every financial institution is backed by the FDIC or NCUA for up to $250,000. This means that if for whatever reason the institution that has all your money goes under, you will still get all your money back up to a quarter of a million dollars.
But that is truly besides the point because the people who don’t have accounts at a financial institution are, more than likely, not the ones saving up wads of it in their home somewhere. They are the people who spend all their money and sit around miserable until the next paycheck comes (if the next one comes!)
If you’re just getting out on your own or are finally starting to make some kind of income (even an allowance!) search out the best financial institution in your area and open up at least a basic savings account and a checking account. Savings can be for your growing emergency fund and your checking account, well, it’s to live out of. Get a debit card and then just watch your spending (make sure to sign up for access to your accounts through your institution’s website so you can view balances and such 24/7.)
I’m not sure why some people are opposed to keeping their money at a financial institution. Do you have any ideas?