As people enter adulthood, they start to take a lot of responsibilities. One of which is managing their money. It is therefore important to understand how things like saving, borrowing, bank accounts and paying bills work. Let’s look at the basics. Most people keep their money in a bank account. There are two main type:
- Current account. A current account is the day to day use and is what most people have to have their wages paid to. They can easily access their money from cash machine or by going to the money to withdraw. The bank would usually give them a card known as a debit card. This can be used to withdraw money from Cash machines and use to pay electronically from shops without the use of real money. It’s becoming more common to pay for goods and services online via Internet Banking.
- Savings account. Many people often have a savings account. This is where they put their money if they wanted to save for something special.