You may not feel that you need a bank account, but there are key advantages to having a bank account or joining a Savings and Credit Co-operative.
- You establish a financial history and record of successful bank use.
- They give you a place to easily save money.
- You create a relationship with that bank to be able to borrow money for a car, home, or an education.
- Joining a Savings and Credit Co-operatives (SACCOs) gives you a say in how your money is invested and puts you in charge of your own finances.
- Keep all of your cash in your pocket, purse, or drawer until you need it?
- Borrow money against a future paycheck from a micro-lender?
- Not get bills paid because you don't have time to go to the place you need to pay?
- Send money to friends or relatives through postal orders or money wiring services?
If you answered yes to any of those questions, you could manage your money better.
- Open a bank account. Shop around to find the best deal for you.
- Have your pay check directly deposited at a bank or SACCO. Many employers prefer to pay by direct deposit or electronic transfer.
- Keep the money in the bank until you need it.
- Take money out by going to the bank or SACCO or using an ATM or debit card.
- Pay bills with checks or use online banking.
- Avoid using micro-lenders.