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You and your money
One way to help you to manage your money well is to open a current account with a bank or credit union.
But if you've never had one before it might take a little getting used to, so here are some tips on how to use it wisely.
The most important thing is to keep a regular track of money coming in and going out of your account.
Keep a note of the dates when your wages, benefits or pension are due and check that they have actually come in.
Also write down whenever you pay in any cash or cheques, and when the cheques will clear, so that you know how much money is in your account and when it becomes available to use.
Your new account may let you pay bills directly by standing order or direct debit.
Often you can save money by doing so.
With a standing order you tell your bank who to pay, how much and when.
People usually feel it gives them more control over their money.
With a direct debit you give permission to a firm (like a mobile phone company) to collect money from your account.
They can change the amount and the date, but they must tell you first.
To make sure there's enough money in to cover these regular payments, it's a good idea to set standing orders up for the same day as your income is paid in.
If you don't leave enough money in your account, your bank may charge you a fee of up to £40.
So take care before you draw from the cashpoint.
Finally, get into the habit of reading your bank statement to check that everything is correct.
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