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Experts say its still possible tomanage your moneyeffectively.
For those without bank accounts, the objective of managing money can seem quite uneasy.
Fortunately there are ways of handling money in a more safe and effective manner.
Below are a few ways you could do thiswithout a bank account.
Numerous countries now have awell-developed mobile money system.
Mobile money services also usually incur lower fees compared with other traditional financial channels.
Mark Damsgaard, founder ofGlobal Residence Index, agreed.
Some apps, he explained, even offer a card that lets you access your funds at ATMs.
That said, Huffman observed that these informal money-management systems can be very dangerous.
Never lend money tofriends or familyon an informal basis, without having proper documentation and without charging interest.
So, youll want to get a fireproof safe in your home.
She added, you’re free to cash your paycheck or income and keep it in your safe.
Youll need to create a budget so you could allocate how youre going to use your money.
She continued, you might use a cashiers check to pay for your mortgage or rent.
If youre renting, you may even be able to pay with cash.
Just verify you get a receipt so the property owner cant give a shot to say you didnt pay.
To save and prepare for retirement, Musson advised opening investment accounts and contributing to them monthly.
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