When it comes to financial management, even business professionals reach a consensus as to what is the most effective, reliable, and secure means to manage your money, and that is through the bank. Your bank is an effective means to manage your bills payments, keep track of your transactions, receive your income and whatever extraneous cash inflow, and help you save effectively.
The last one is perhaps the most obvious feature of the bank that people do not take advantage of. A bank, being a financial intermediary, can actually help you save money efficiently. Heres how.
First, you are required to keep what is called a maintaining balance in your bank account. This means that even if you make deductions in your account, the bank requires you to save a bare minimum in order to continue enjoying their services. And yes, that translates to a forced saving on your part.
Another feature of bank saving is the fact that you are free to continuously add to your account whenever you can. Otherwise, your money will remain safe in your bank. Moreover, while its staying in the bank, you are actually earning interest rates on your money.
What are savings...
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