Three Things That Make Banks Useful For Your Spending Needs

It's easy to say the UK bank industry is driven by greed.

Yup, with all the scandals propping up from one place to another, the banks needed a new way to make money even if it meant deceiving its consumers.

However, it doesn't mean that banks haven't done a thing for us. In fact, they do three very important things that help us with our savings.

Money Safety (In All Senses)

The barons of the early centuries had to create a vault underneath their splendid mansions and castles. They needed to employ trusted soldiers, servants and secretaries to make sure their gold vaults are safe from marauders. With the standardisation of security worldwide and the streamlining of the banking industry as an independent body, each of us don't have to protect our sock of money every day.

In fact, when you leave that sock with banks, you could earn more money by letting it grow.

Control Over Money

Having money in the pockets is a way to immediately spend that money. Unlike having money with banks, which send you a monthly statement of your savings account at your behest, you know where your money is going.

Spending with plastics, even if it's one way to end up in debt hell, helps you learn a few financial lessons you'll take with you as you grow.

Debt Can Be A Friend... Or Still a Foe

Debt is a double-edged sword. Where would the world be without easy payment plans? With easy payment options upon downpayment, debt is a powerful ally if you can handle it carefully.

Viewing it as the caveman's fire during the early days of the world, debt is one way to improve your lifestyle or burn down your entire house and property.

But the existence of debt, like the fire, is essential for survival.