[D E A T H]

Should I start putting money in the bank? As of right now I have $570 I would probably put $500 to begin with and I have a some what kind of job. I work at my baseball park concession stand. What's the plus and minus of putting money in the bank. I am only 15 btw.

Hope some people can help me out.

[Gornu]

Well, putting money in the bank can help with secure payments to a utility or person, be that by mail it isn't recommended to send cash.  On another point, keeping spare money in a savings account can earn you money for funds sitting and doing nothing, as well.

[D E A T H]

I think i probably will because I need to save a up for a car and other stuff and if I do have the money in my hand I would be more intended to spend it on stuff I don't need.

[Jake]

 

• Putting your money in the bank •

Advantages:                                                 Disadvantages:
• You can save your money.                         • You have to save your money.
• You can't spend it as easily.                       • Harder to spend, which is shit.

You're still young, No need to put it in a bank really. No one's going to go out of their way to steal $500 off you.

[James]

Alright... Wise old grandpa James will contribute:

Pros:
- financial security. Almost all banks now have to be FDIC insured, so your money is secured even if the bank goes under for up to 250,000$.

- personal security. It's never safe to carry cash on you. Cheques and cheque cards are where it's at.

- easier payment. Most places that you have to mail in payments will not take cash, and most renters when your looking for your first place will not take cash.

- competitive. Most banks want your business (big banks aside). Lots of banks offer competitive rates, some even have interest checking which was unheard of for a long time after the financial crash in the late 2000s. You can find the right bank and pretty much keep your money there for free.

Cons:
- hours. There is a 2 week period give or take where you will have little access to your money since you won't have a card or checks. Your at the will of bank hours and not a lot of places take the temporary checks they provide.

- fees. Big banks are frankly terrible people and I would avoid tem at all cost. They will snag on fee after fee if you let them. In a perfect world, avoid big banks (wells Fargo, us bank, Bank of America) at all cost. If not, MAKE SURE to get a truth in lending and fees pamplet.

[ratman]

Should I start putting money in the bank? As of right now I have $570 I would probably put $500 to begin with and I have a some what kind of job. I work at my baseball park concession stand. What's the plus and minus of putting money in the bank. I am only 15 btw.

Hope some people can help me out.

If your job has a steady paycheck (e.g. $100 a day), then you can work it out, so that you automatically place $15 or $20 into a savings account from your paycheck.  This will help quite a bit;  although the interest on it won't be that much, it'll still start small.  I have $2,000 saved up basically from doing this;  it all adds up.

If your job has irregular hours/irregular paycheck, then I would follow the "Hoard money under the matress" ideology.