# Money Basics

**Source**: https://sfs.jhu.edu/financial-wellness/money-basics/
**Parent**: https://sfs.jhu.edu/

Nov. 29, 2022
[Money Basics](https://sfs.jhu.edu/financial-wellness/?cat=money-basics)

Video: A Minute to Learn it – Money Basics

#### Here are 8 important steps to build financial health:

1. Have a budget. Create a plan for how to spend your money.
2. Use a bank or credit union. Keep your money safe! Determine your needs and find a bank or credit union that works for you.
3. Use a checking account. Pay for goods or services directly via debit card or a check.
4. Cashing paycheck. Get your money without paying high fees.
5. Use virtual money tools. Utilize apps to transfer or receive money quickly.
6. Obtain insurance. Insurance is paying a monthly fee, in case something goes wrong that would cost a lot to replace or fix. Usually, you will pay a portion, or deductible, of the cost at the time of the incident, for example, health, renters, and auto insurance.
7. Plan for retirement. It is important to save money, start early, and understand options like an IRA, 401K, and pensions.
8. Learn about taxes. Know the minimum requirements and when to file your taxes.

## More posts about [Money Basics](https://sfs.jhu.edu/financial-wellness/#money-basics)

[Using a Bank or Credit Union](https://sfs.jhu.edu/financial-wellness/using-a-bank-or-credit-union/)

[How Does A Checking Account Work?](https://sfs.jhu.edu/financial-wellness/how-does-a-checking-account-work/)