ᑮᓇᐅᔭᒃᑯᕕᒻᒥᒃ ᒪᑐᐃᖅᓯᓂᖅ ᓄᐊᓴᐃᒍᓐᓇᖅᓯᓗᑎᑦ
Developing good habits
opening a bank account and creating a system for savings
There are ways that we can take better care of our money so that we can afford the things we need. It’s important to consider the pros and cons of how we look after our money.
How do you look after your money now?
ᐃᓱᒪᑦᓴᖅᓯᐅᕈᑎᒋᒃᑭᒃ ᐅᑯᐊ ᓇᓖᕌᕋᑦᓴᐃᑦ:
Consider the following options:
ᓂᐅᕕᕐᕕᒻᒥᒃ STORE ACCOUNT
Very high interest fees (they charge you $ if you don't pay back what you spend on the account). They also charge to cash your cheques.
ᓂᐅᕕᕈᓐᓇᖅᑐᖅ ᒫᓐᓇ ᐊᑭᓕᓛᑐᐃᓐᓇᕐᓗᒋᑦ ᓯᐊᕈ, ᐊᑭᓖᒍᓐᓇᖅᑐᖅ ᑮᓇᐅᔭᓂᒃ ᓂᐅᕕᕐᕕᒻᒥ, ᓄᐊᓴᐃᒍᓐᓇᖅᑐᑎᑦ ᑮᓇᐅᔭᒃᑯᕕᒻᒥ ᐊᑐᕋᔭᖅᑕᓐᓂᒃ ᓯᐊᕈᒋᐊᖅ, ᑭᓯᐊᓂ ᕿᑐᕐᖏᐅᕈᑎᖃᙱᑦᑐᑦ ᑮᓇᐅᔭᑎᑦ ᓄᐊᓵᑎᑦ.
Can make purchases now and pay later, can make payments by cash at local store, you can save money in account to use later, but you won't collect interest on the money in your account.
CREDIT CARD ACCOUNT
ᖁᑦᓯᑦᑐᐊᓗᐃᑦ ᕿᑐᕐᖏᐅᕈᑎᖏᑦ (ᐃᓕᓐᓂᒃ ᐊᑭᓖᑎᑦᓯᓲᑦ $ ᐅᑎᖅᑎᙱᑐᐊᕈᕕᒋᑦ ᑮᓇᐅ-ᔭᖅᑑᑎᑎᑦ ᐊᑭᓕᓴᒃᑯᑦ).
High interest fees (they charge you $ if you don't pay back what you spend on the account).
ᓂᐅᕕᕐᕕᑦᓴᖅ ᒫᓐᓇ ᐊᑭᓕᓛᑐᐃᓐᓇᕐᓗᒋᑦ ᓯᐊᕈᒋᐊᖅ ᐊᑭᓕᖅᑐᐃᒍᓐᓇᕐᒥᔪᑎᑦ ᓯᕗᕐᖓᓂ ᓂᐅᕕᕈᓐ-ᓇᖁᓪᓗᑎᑦ ᐊᑭᓕᑦᓴᓂᓗᐊᙱᓪᓗᑎᑦ
Can make purchases now and pay later. You can also make payments ahead of time so that you can make purchases without owing as much $.
ᑮᓇᐅᔭᒃᑯᕕᒻᒧᑦ ᓯᒃᑭᓕᐅᕐᓂᖅ BANK CHEQUING
ᐊᑭᓕᖅᑐᕋᑦᓴᖃᑐᐃᓐᓇᕿᐊᓕᒃ ᐊᑐᕐᓗᒍ (ᐊᑭᖏᑦ ᑕᖅᑭᑕᒫᖅᓯᐅᑎᐅᒍᓐᓇᖅᑐᑦ ᐊᑐᕐᓂᑕᒫᓪᓘᓐᓃᑦ). ᐱᒻᒪᕆᐳᕗᖅ ᕿᒥᕐᕈᓂᖅ ᑮᓇᐅᔭᒃᑯᕕᒻᒧᑦ ᒪᓂᒪᑎᑕᐅᔪᓂᒃ.
May have some fees for using it (fees can be monthly or per transaction). It's important to see what different banks offer.
ᑮᓇᐅᔭᓂᒃ ᓄᐊᓴᐃᒍᓐᓇᖅᑐᑎᑦ ᑕᕝᕙᓂ. ᑮᓇᐅᔭᖅᑐᓂᖅᓴᐅᒋᐊᖃᙱᑦᑐᑎᑦ ᑮᓇᐅᔭᕕᑦ ᐅᖓᑖᓄ ᐊᑭᓕᑦᓴᖃᕐᓂᐊᖏᓐᓇᕕᒃ ᑮᓇᐅᔭᒃᕕᕕᒻᒧᑦ ᓂᐅᕕᕐᕕᒧᓪᓘᓐᓃᑦ $−ᓂᒃ.
You can save money and spend money with the account. You can't spend more than you have so you won't owe a bank or store $.
ᖁᑦᓯᓂᖅᓴᐅᑐᐃᓐᓇᕆᐊᓖᑦ ᐊᑭᓕᖅᑐᕆᐊᓖᑦ ᑮᓇᐅᔭᒃᑯᕕᒻᒧᑦ ᐊᑐᕐᓗᓂ ᑮᓇᐅᔭᓂᒃ ᑭᓯᐊᓂ ᐃᓕᓐᓂᑦᑕᐅᖅ ᕿᑐᕐᖏᐅᕈᑎᓂᒃ ᐊᑭᓕᑦᑐᐃᕌᕐᔪᓐᓂᐊᖅᑐᑦ ᓄᖑᑐᐃᓐᓇᖏᒃᑯᕕᒋᑦ.
May have higher fees than a chequing account to use the money but will also pay you a little money in interest if you don't spend it.
ᑮᓇᐅᔭᓕᐅᕌᕐᔪᒍᓐᓇᖅᑐᑎᑦ ᓄᐊᓴᐃᑐᐃᓐᓇᕐᓗᑎᑦ ᑮᓇᐅᔭᖅᑐᖏᓪᓗᑎᓪᓗ ᐊᑐᕈᓐᓇᖁᓪᓗᒋ ᓯᕗᓂᕐᒥ ᓄᐊᓴᐃᒍᑎᓐᓄᑦ.
You can earn a small amount of money just by saving and not spending the money in your account so it can be useful for big saving goals.
Which of these options might make the best sense for how to access your money to get the things you and your family need?
ᐅᑯᐊ ᓇᓕᖏᑦ ᓇᓖᕌᕋᑦᓴᐃᑦ ᐱᐅᓂᖅᐸᐅᕙᑦ ᖃᓄᖅ ᑮᓇᐅᔭᑎᑦ ᐊᑐᑦᓯᐊᓂᖅᐸᐅᒍᓐᓇᕐᒪᖔᑕ ᑭᙴᒪᒋᔭᓐᓄᑦ ᐃᓚᓐᓄᓪᓗ?
ᐱᓕᕆᖃᑎᒌᓐᓂᒃᑯᑦ ᐋᖅᑭᓱᖅᑕᐅᓯᒪᔪᖅ ᑖᒃᑯᓇᙵᑦ ᐃᓄᓕᕆᔨᒃᑯᑦ ᐱᓕᕆᕝᕕᖓᓐᓂ ᐊᒻᒪᓗ ᐊᕐᕕᐊᓂ ᐋᖅᑭᐅᒪᕝᕕᒃᑯᑦ - Developed in partnership between Department of Family Services and Aqqiumavvik Society