March’s Financial Literacy Tip
In January, the financial literacy tip was to set up four containers labeled with one of the following: save, invest, share, and spend. Last month, the tip focused on how to save for the wanted item that had a price tag of more than a few dollars. This month, the tip is about using the funds in your spend bank.
Every time you received money either from an allowance, a job, a birthday, a good deed, you deposited a percentage of that money into the spend bank. You have an itching to spend that money, so you decide to go to the mall. You are walking by the food court, and the aroma pulls you to your favorite booth. You order your lunch and pay with the money in your wallet. Great, you have satisfied your hunger for the time being, and you still have some money in your wallet.
A few stores away, you see a hat on sale that will be great for sledding. You check your wallet. You have just enough money, so you buy the hat and wear it while walking around the mall.
You get a call from your best friend, and he wants to know if you want to go to the movies at 7:00. Yes, of course you do; it’s predicted to be the best thriller show of the year. Oh, wait; you don’t have any money to buy a ticket.
This leads to March’s financial literacy tip: The next time your reach into your wallet or your “spend” bank, pause for a moment to think about the purchase. Is this something you really want to spend your money on or should you wait in case something more enticing comes up?
$Did you know that….
The $1 bill features George Washington on the front and the image of the Great Seal of the United States on the back? Of course you did. However, did you know there is raised printing on the bill? Gently rub your finger over the surface to feel it.