What To Do When You Receive Money?

Let’s say that you have a job or any other source of income. For example, your friend or family member who lives abroad sends you $1,000 dollars.

You can either choose to:

Bank it

If you do:

• Your money will be safer.
• You will be able to earn interest.
• You could have access to other types of accounts other than your savings account.
• You will create a relationship with the bank, which could give you access to other banking services.
• You have a record of your savings and withdrawals.
• You can pay your utility bills such as water, telephone and electricity for a small fee.

Not Bank it

And if you choose to, you will always have cash with you, however:

• You will tend to spend more as your cash is readily accessible.
• You will be more likely to loose your cash. 
• You will forego the opportunity to earn interest.