2. BANKING
First of all, you have to choose a bank for
yourself in order to take care of your money
Normally, we choose a bank for several reasons:
safety of your money
interest paid on savings
ability to make payments using cheques
use of a debit card
ability to have a credit rating and become eligible for loans,
mortgages or credit cards
ability to save money
ability to invest your money
3. Then you have to master some
basic banking skills
1. writing a cheque
You have to apply a book of cheques from your bank,
when writing a cheque you need to state who is this
cheque for, the date, the amount, and then you have to
sign the cheque to let it take effect.
2. Know how to read a bank statement.
The bank statement includes the brief summary about your
account, the balance, where and when did you spent your
money.. And you can apply for a bank statement in your
bank, or you can check it online, lots of people prefer the
second way because it is more convenience.
4. 3. learn how to use your debit card
you can use your debit card to purchase stuff,
it is more convenience and safer than using
cash. You can also take out cash from your
card by using ATM. However, it will be better if
you can use your own bank’s ATM, otherwise,
other bank’s ATM will take extra charge.
5. Budget
A budget is an estimate of costs, revenues, and
resources over a specified period, reflecting a reading
of future financial conditions and goals. Planning
budget can helps you use your money more effective.
When considering budget, you have to consider the
costs, revenues, and resources( what do you have
already)
Revenues
Part-time job Allowance Inheritance
Investments
Expenses
Food Clothing Transportation
Entertainment Emergency
6. Financial Plan
Because our money is limited, so we need to make a
Financial plan, in order to spend our money on the
right thing, make our life better. A good financial plan
can helps you manage your money effectively , helps
saving money, even earning more money. When
considering a financial plan, we usually think about
how should we spend money for now, and how should
we save money for future, also how to invest your
money, to make more benefits.
7. Taxes
A fee charged by governments. The purpose of
taxation is to finance government expenditure.
There are lots of situations that we have to pay tax,
when you receive salary , even when you get tips.
When you buy something( about 12% in BC) etc.
nobody likes to pay them , but these taxes can help
government to run the country(military, trade). Another
important uses of taxes is to finance public goods and
services, such as school, hospital, street.
