today in black history

March 29, 2017

Football great Emlen Tunnell, the first Black player inducted into the NFL Hall of Fame was born on this date in 1925 in Bryn Mawr, Pennsylvania.

Keeping It Rich

POSTED: October 05, 2009, 4:00 am

  • POST
    • Add to Mixx!
  • SEND TO FRIEND
  • Text Size
  • TEXT SIZE
  • CLEARPRINT
  • PDF

Q
When is a good time to start direct deposit?
—Brittany,
Rutgers University


A: As soon as you get your first job, you should start direct deposit. Go to your local bank that offers Free checking and open a checking account and a savings account, if you don’t have one already. Then, take 1) a copy of a blank check and 2) a blank savings deposit slip to your employer, and tell them you would like to have your payroll checks directly deposited into these accounts. Your employer will give you a simple form to complete. List on that form that you want 10% to go to the savings account. Then, budget to live off the rest of your check. Once you have built up your savings account to $500, I would suggest moving your money to a savings account that will give you a higher interest rate than the local bank. You can get 1.5% at INGdirect.com, and your bank may be able to offer you a money market account with a higher interest rate once you have at least $500 or $1000 to start the account. Remember, this savings is for your emergency fund. This is not to be touched. This money is your flossing money. Not to floss with a new car or diamond ring, but to floss when your car breaks down and you can have it fixed in a day because you have a savings. Or perhaps you can floss by covering your off campus rent for a month while you find a new job, whereas your friends are scared to open the door because they

Related References

NorthStarNews.com on Facebook