week 5: Banking and paying bills
Last evening we learned the difference between bank institute and credit union. What tool would you utilize to differentiate the difference between the two institute? Want tracking tool would you use to keep a record of your finances? What was one take away you rececived from last night presentation that stood out to you?
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Hello. The tool I would use would be profit and non-profit. That's the big difference between the two.
ReplyDeleteThe tool would be the budget spreadsheet. I can see all my income and expenses going in and out
I have a lot of options regarding banking. I know the good and the bad parts to watch out for. The presentation was very informative and beneficial.
Hi Stacy, Yes knowing the difference between the non-profit and profit banks is a great tool.
DeleteHi Stacy, learning to become FinLit smarter I plan on using the spreadsheet. This tool is great for the keeping up of what is going out and coming it at your finger tips. This is great when you have a busy schedule and it will help a lot. Thaks forthat idea.
DeleteHi Ladies! Tuesday's class was very informative. Not sure if it's a tool but knowing if the bank is for profit or non-profit would be a way of telling the difference. It's good to know that the credit union is protected by FDIC.
ReplyDeleteMy online banking app is a great tool to keep track of my finances and expenses. When she explained the money market and the different bank accounts you can have that was great as well in my opinion. Learning how to invest is one of the reasons I took this class!
Yes online banking is a great tool. You can see all your transactions plus a good way to balance everything so no over draft fees. Learning how to invest is good to learn. Make your money work for you.
DeleteHi Sarai, I admire your confience your ability to use online banking. I must continue to practice and get use to that dependency. I must say it is what is being done by so many I will continue to work on it and as you learn more please continue to inform our team which in tur will give me more confidence in getting use to using these apps.
Deleteme too i need to get more confident in using the app
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Deletehello Sheila, I agree I feel like everything has turned digital lately and there always new offers or charges being placed when it comes to finances that being taught how to use the app can be helpful in gaining more control and confidence in your finances/ advocating for any changes as its all being recorded digitally.
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Hello my fellow co-horts:
ReplyDeleteThis presentation was very informative with teaching me the better understanding between what banking institutions mean and how to make a decision of where and how I want to become financially savvy and informed for what is best for my needs.
The tool I would use to differentiate the differences between the two is what institution is going to give me the more bang for my savings and invested dollars that I can see. To this I would like to say I would use both because they offer different services with different outcomes for my needs. So must say both and this is to have put some self-control hen it comes tomy savings and spending. I would not like to have everything in one institutuion due to me coming to learn of my financial habits of saving, paying bills, and spending. One institutin I would have only for paying my bills, this is strick on my part to keep me focused on my long-term bill paying habit to build and keep my credit worthiness, also to build a sturdy long range (3-6 month emergency savings built and conscious of knowing it is being done on a monthly basis as well. The other way is for me to keep separate what I know I need to have for medium and short term spending and utilize my SMART financial goal sheet to help yo keep me focused on how I may need to readjust my needs when it comes to tracking weekly expenses as well as occasional expenses categories and occasional expesnses worksheet as it pertains to some things that changes.
The one thing to me that stood out the most from this presentation is the options I have been shown by gaining the knowledge I did not have prior, so I cant pin just one take away,because it has opened up my changing of the mineset of combining from other speakers that I will continue to build on to improve on my improving FinLit lifestyle and habits.
Hello Sheila. Your are so right by using both. They have different things each bring to the table. Love your mind set and where it's going. Each presenter brings something new and exciting each week. I'm very excited for you.
DeleteHello last Tuesdays class gave a lot of information that was beneficial in reviewing different financial organizations. The aspect in the presentation that I found most interesting was the review of terms included. Some of these terms were new to me; such as certificate of deposit and money market account. Overall I feel the presentation gave me broader view on the differences between banks and credit unions.
ReplyDeletei miss this class but im reading everyone comment and i thing i understand a little more the different from bank and Cradit unions
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ReplyDeleteThe difference between bank institute and credit union is a bank is profited which are in place to make profit for the bank while credit unions which are non profit which are member own and offer many services like low interest rate. the tool I would utilize to differentiate the difference between the two institute to go in person and talk to a worker to identify their interest rate on loans and saving accounts. the tool I would you use to keep a record of my finances would be the SMART app/ spending tracking budget sheet. one take away that I received from last night presentation that stood out to me was money market account that the most you deposit directly into an account the higher rate of return and earn interest.
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