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Think about the way you manage your cash and savings. Note: Your answers will not be graded as there are no right or wrong answers.
Think about the way you manage your cash and savings.
Note: Your answers will not be graded as there are no right or wrong answers. You will be granted a point for any answer you make, but you must answer every question in order to receive full credit.
Hint: Your answers dont have to match these descriptions exactlythe goal is to identify the general trend of how you manage your cash and savings.
Which savings approach most closely resembles your own?
Savings Approach A: I know the terms and conditions of my bank accounts. I record my account transaction in my account ledger check register to make sure that I dont overdraw my account and incur expensive overdraft fees. I save a part of every paycheck, even if its only $ a month.
Savings Approach B: I have a checking account, but I rarely check how much money is in the account. Ive paid several penalties for overdrafts in the last year, and I pay $ every month as a service charge on my account for personalized checks. I dont have any savings to speak of and dont worry about it because saving is something that only rich people do
Savings Approach C: I dont trust banks, so I keep my cash with me or in a safe place in my house. I use a check cashing service like Check n Go whenever I need to cash a check, and I use money orders to pay my bills.
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