When we talk about managing money, we mean having a way to cash your pay check; put your unused money in a safe place; pay your bills; get cash conveniently and when you need it; save money; and send money to friends and relatives.
- 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?
- Pay your bills with money orders?
- 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.