How Can Banks Help You To Manage Personal Finance?

[Good-Guy]

Management of finance is usually viewed as one of the important aspect of management because it is a kind of field that involves many thing. Finance management is not that easy because financial management involves accurate evaluation of many different kinds of thing. Some of these things include fixed asset management, capital management, investment analysis, risk management, liquidity monitoring, liability evaluation, and many other kinds of things that are related to finance. Since it might be really hard to manage personal finance alone, there are many other institutions like banks that claim to offer you finance management services and this is why they usually launch many kinds of financial schemes that would benefit their customers.

I have visited many banks and they usually advertise many schemes. For example, they claim that they would invest capitalist's money into mutual funds and this would help the customers to manage the funds. Actually, it is not the customer who manages his own funds rather it is the bank's fund management team that manages the funds. So, my main question is: can financial institutions such as banks really help you to manage your personal finances? Do you think that they are much better at managing funds as compared to other investors?

 

[Kingsley]

Yes there are ways banks actually help their customers to manage there funds, banks naturally is a place specially designed for the safe keeping of money and other valuables. However this is not the only aspect that banks generally deal with as they also engage in other services that are essential to made business activities to thrive in a country. With our elementary understanding of trade, we know trade is the buying and selling of goods and services, then we also have the aids to trade this include things like communication, transportation, banking, insurance and the likes. So banking aids or facilities business transactions both locally and internationally.

Then we also take a closer look at their operations in terms of the types of bank accounts they make available to their customers we will realise that their are three basic type of bank accounts with various respective functions. Like thr savings account, that one special for saving funds and be accessed from time to time, they have the current and fixed deposits. The fixed deposit is where the customer of the bank get to earn some certain amount from their funds deposited in the fixed deposit at the end of the period.

 

[kayode10]

Personal Finance is not something you and trust onto someone else not to talk of bank. You are to monitor your own personal by yourself and that's reason why they call it personal finance.

You can only consult a financial adviser to guide you on your personal finance. Financial adviser will give you tips on how you are going to manage your personal finance.

If you pay a courtesy visit to a financial adviser. The first thing he will do is to determine your financial capability.

After that he will ask for your expenses in details. He will ask for some of your assets in order to know if you are making money from another source.

He will be based on his financial advice on some of the things you provide him. The basis of personal finance is to be able to manage the available resources and fund judiciously.

It is your duty to use your personal resources to acquire more assets that will bring money for you. You're mature enough to have multiple streams of income so as to cater for some of your needs and still have some left to invest.

You can read about cash flow contract you don't have to know more about personal finance.

 

[Abee111]

Bank accounts keep your money safe and easily allow you to spend and save. But if you think of your checking and savings accounts as nothing more than repositories for your hard-earned money, then you’re not using all the tools available to you via modern banking. In fact, your bank offers a number of built-in perks that can help you manage your money better so you can keep more of it in those accounts.
Whether you go with a traditional system,you prefer an online bank or you use some combination of the two, your needs should be at the center of the banking experience.
You also have a contribution to make while managing your finance, your part to play is visit the financial adviser, there tips he will guide you on what to do and what not to do in other to maintain and manage your finance.
He will ask you some question regarding your financial experience, financial assets on how you have been using them in making profit. There he will know that to do in guiding you in that aspect.

 

[Caramelle]

There are banks that offer unit investment trust funds (UITF), a type of investment where participants entrust their funds to the bank which, in turn, invests the funds in securities that will provide the highest returns for its clients. UITFs are alternatives to mutual funds in the sense that the investment activities are administered by bank professionals who are highly skilled in the field of investing. Investors can only share in the funds' earnings but they don't end up owning the stocks, unlike mutual funds where investors actually buy and own the stocks. This investing approach may appeal to investors or depositors who want to invest their funds but have zero to little knowledge about financial instruments and have no time to monitor stock movements and financial markets. Investment managers are experts who are focused on the work of growing their clients' investments. People who want to invest in UITFs usually choose the fund manager or bank based on their performance in funds management. Investing in UITFs can be one profitable option to diversify your investment portfolio.

Banks will usually offer products that let you earn interest or profits from your own money. They have investing and banking experts on board who are much willing to provide financial advice to their clients whether or not you actually proceed to invest in their products. Ultimately, it's you who make the decisions over your finances and investments.​

 

[Sotherefore]

Personally I do not just see the need of saving money in the bank or trying to do some sort of investment in banks except for the fact that I can use my money in the bank to engage in treasury bill or government Bond investment. Personally I do not intend to save my money for long-term purposes in the bank because is not profitable and is not worthing the stress at all considering the fact that the economy of our country is depreciating on daily basis.

Even if I have to save some money or make some sort of arrangement with my financial assets I only have to save my money in the US dollars or any other country's currency with a stable economy because that is how you can maintain the value of your money when the economy of your country is not growing as expected.

Well I know a lot of people are really interested to save their money in the bank for long-term purposes , for them they have their own reason why they are considered that, for me I do not see the need, if I have a huge money and I can't save it in the US dollars or the British pounds i rather invest it in real estate.

 

[Mika]

Banks can help you to manage your personal finances. For instance, if you have $1000 in your pocket, you will spend the money because you will be always in need of something. However, if your $1000 is in the bank, and you need to withdraw to spend, in most cases, you will avoid going to the bank to withdraw the money so that you can spend. When you avoid spending, you will of course same some money. Likewise, banks will also give you interest on your deposit. You can keep your money in a fixed deposit account so that you can earn a higher interest rate. When you are earning higher interest rates on your deposit, you are actually profiting from your investment. banks can also help you in a digital transaction. You can start using a mobile banking or banking app to send and receive payments, which will limit your cash usage. When you use banks for receiving payment from employers and paying your creditors, it will be easier to track your transaction, you will understand how much you are earning and how much money you are spending. I use bank accounts to handle my funds and it is really helpful.