1 May, 2018
As a Money Smart Athlete, it is very important that you develop an understanding about how banks work so that you can manage your banking to your best interest. Properly managed bank accounts can reduce expenses and protect your information. There are different types of bank accounts which can help you get your finances in order. We want to guide you through your options so that you have the knowledge to make the right choices.
Nowadays, making purchases on credit is a major part of everyday life, to the point that it is frequently abused and transformed into excessive debt which is out of control and not manageable. We want to make Money Smart Athletes aware of the different ‘debt traps’ and more importantly, to advise them on how to avoid such traps. Any debt in general, is not good. However, there are some types of debt that are considered good because of the investment value they hold. By understanding ‘good’ and ‘bad’ debt Money Smart Athletes will be able to utilize debt when and where it best suits their overall financial plan.
This month, we want to educate you, the Money Smart Athlete, on the basics of banking, credit and debt so that we help you in choosing a bank with which you can grow over time. We want to guide you in creating and maintaining a positive credit record which we consider as the cornerstone of building your financial foundation. And remember, managing your money and finances well today, is key to achieving financial freedom tomorrow!
Athena P. Constantinou