My wife and I were watching some old episodes of ‘Everybody Loves Raymond’ on Netflix streaming and came across the episode titled “The Checkbook”. In this episode, Ray takes over responsibility of the family checkbook from Debra after he says how easy it should be to handle the books. Unfortunately for Ray, he doesn’t know the first thing about handling a checking account. Checks get bounced, the electric gets shut off, and he comes across as a big dummy.
I know the show is meant to be a comedy, and I certainly got a good laugh out of watching that episode. However, I am constantly amazed at just how many people are in the exact same position as Ray was in that television episode. At one point, he’s talking with a friend and is just clueless as to how this big financial mess happened. He tells his friend that he makes decent money; paying the bills shouldn’t be difficult. His problem was that he didn’t keep track of where the money was going. Read More…
Leigh Eversole
January 21, 2013 at 5:26 AM
“People still use cheques?? What would be the point when one can use credit cards at 0% interest during the grace period (around 22 days). And then you pay off your balance before the period is up.”
Try opening a bank account at ING or People’s Trust with a credit card..
Try paying for your enrollment fee with your community sports team with a credit card..
Lets set up your direct deposit using your credit card..
I love credit. Its a valuable tool, as you pointed out, that can be taken advantage of. But it can’t be your only tool. Open your mind. How to keep cheques from bouncing? Keep some cash in your chequing account and keep records of all cheques written and cashed. Thats why they include that little book with the empty lines when you buy the cheques..
It’s all about actually caring. I find that most people are so self-obsessed they forget their own responsibilities and forget.
People still use cheques?? What would be the point when one can use credit cards at 0% interest during the grace period (around 22 days). And then you pay off your balance before the period is up.
@Nam this is about figuring out how to avoid bouncing and the incurring fees. With overdraft protection you normally pay a monthly fee for the privilege. I’d rather be more aware of my finances than to be a child and have to pay a monthly fee to mommy/daddy to do the thinking for me. Seesh!
Simple: Just have your bank give you overdraft protection. That is how we’ve done it for decades.
Keep proper records people! Enough said.
Or better yet just keep a minimum balance.
I find the cost of checks are too expensive to own. I mostly do my work through paypal or interac. If i can’t afford it (dont have the funds in my account) then its not worth buying.
That is my philosophy.