Happy Monday Young & Free Michigan.
I have so much going on this week-
- My husband and I are downsizing and moving from a house to an apartment. (AH!)
- Free Pancake day is tomorrow at Ihop, I'm going!
- American Idol is here this week, and I AM GOING!!
- I gave my 3rd Financial Literacy presentation today! Thanks for having me UDM.
- One of my best friends is in town for break!
Today, I wanted to talk about some terms I teach during the financial literacy presentation I give. (If you are interested in having a financial literacy presentation, send me an email!) Three key phrases that we should be aware of before we give our money to a financial institution are, monthly fee's, annual fee's and minimum balance.
A monthly fee is a fee that is charged to your account every month to keep it in proper order, it's a maintenance fee. An annual fee is a fee that is charged to you every year for having the account opened and a minimum balance is a particular amount of money that you are required to have in your account at all times, and if the account falls below that number you are charged with a fee.
I find it amazing how many people don't realize that it's a financial institution 's job to help you manage your money, not take your money from you. You are the boss when it comes to your money, you get to make the decisions. Don't be afraid to ask your financial institution for help. If they can't help you, I would find another financial institution that can help, like Michigan First Credit Union.
We have an awesome account for 17-25 year old's that has NO monthly maintenance fee, NO annual fee and NO minimum balance. You are responsible for managing your money, so put it in the hands of a financial institution that will help.
For more information about the First Gear Account click here:
Keeping it Fresh, Young & Free,