Financial skills are critical to navigating through this life and as such, it comes as a surprise that they don’t teach these skills in schools. Here is a look at some of the things that we need to learn when it comes to finances. But first, let’s take a look at where to get money when an emergency comes up and you don’t have a savings account to fall back on.
In Case of Emergency
Most of us have learned, either in childhood or as a result of experience, that we need to have a savings account in case of emergencies. Don’t panic if you don’t though, because there is still a way to get that money that you need so desperately. You might consider getting one of MaxLend’s online installment loans, for example. These loans are easy to qualify for and the requirements are minimal. You simply need a valid social security number as well as a source of income that can be verified and a checking account that is active. You will be able to get the money quickly and repayment options are flexible to make it easy for you.
There are all sorts of bank accounts out there. How do you know which one is right for you? Some offer free checking, some offer a saving’s plan, most of them issue debit cards, some are interest bearing, and some are a bit more complicated. This is one of those lessons in finances that we should learn as a child… the difference in bank accounts. Types of bank accounts include:
- Personal, vehicle, and home loan accounts all fall into the debit balance account types.
- Fixed deposit accounts
- Recurring deposit accounts
- Current accounts
- Savings accounts
Be Yourself – Not Your Parents
Most people have parents who have a joint bank account. That is great if it worked for them. The thing is, that will not work for everyone. Think about this – are you a spender while your significant other is a saver? If this is the case, having a joint account might lead to significant arguments regarding money. You might want to have separate accounts so that you will be able to spend what you like without having to cut into your partner’s comfort and savings.
Yes, this is for everyone… spenders too. Do you enjoy living from paycheck to paycheck? Not many people do. The best thing for you to do right now, if you haven’t already, is to at least have an IRA or 401k. If you want to save more than that, consider setting up a savings account where you will have a portion of your paycheck deposited into it each pay period. It is so much easier to save money when you don’t see it in the first place.
Purchases – Quality vs. Quantity
If you are like most shopaholics, you will be all about making every penny count. You might hit the clearance racks, shop all the sales, etc. because it will mean that you will be able to get more stuff for less money.
Learning to invest in quality as opposed to quantity is a lesson that can be quite valuable. This means that you will need to take time to research your larger purchases to ensure that they will be built to last. It will take a practiced eye, patience, and discipline but you will come to find that when you buy better quality goods, you will actually find that you spend less money in the long run.
Make Your Debt Count
It can be amazingly empowering when you get your first credit card. You might put it to use by buying clothes, paying to go to the movie theaters and even buying concert tickets for you and your friends. The day will come though when you discover that the money that you have been spending is not really yours. You will need to put an end to the spending and pay it back to learn that credit is actually a tool that should be put to use wisely. Using your credit card to buy the things you want but don’t need results in a lot of money wasted on paying it back with interest. For that reason, if you are going to put yourself in debt, do it for things that will be with you for the long term, like an education, vehicle, or house.