Nov. 29, 2022 Money Basics
Here are 8 important steps to build financial health:
- Have a budget. Create a plan for how to spend your money.
- Use a bank or credit union. Keep your money safe! Determine your needs and find a bank or credit union that works for you.
- Use a checking account. Pay for goods or services directly via debit card or a check.
- Cashing paycheck. Get your money without paying high fees.
- Use virtual money tools. Utilize apps to transfer or receive money quickly.
- Obtain insurance. Insurance is paying a monthly fee, in case something goes wrong that would cost a lot to replace or fix. Usually, you will pay a portion, or deductible, of the cost at the time of the incident, for example, health, renters, and auto insurance.
- Plan for retirement. It is important to save money, start early, and understand options like an IRA, 401K, and pensions.
- Learn about taxes. Know the minimum requirements and when to file your taxes.