 Should you
have a checking account? Yes, I think that you should.
It will enable you to pay for a purchase without carrying an unnecessary
amount of cash. More important is that by making accurate entries
into your checkbook, you will know exactly how much money you
have and precisely where you have spent it. Be aware of potential problems if you are careless. Most banking institutions will charge you a monthly fee if you do not keep a minimum balance in your checking account. Be sure that the bank offers "free checking", and-- do what they ask. You will have a checking account and pay nothing, zero, nada. Advantage to you. Keep accurate records of your deposits and checks written. Keep this information current. If you write a check for more than you have in your account, you are inviting MAJOR problems. Does this frighten you? I hope so! There are horrendous charges by the bank if you have an overdraft (not enough money in your account). Your banking institution will send you a statement every month to keep you posted on the activity that has taken place on your account for the month. BEWARE! Your records will be more accurate, at least on current status, because you are doing the arithmetic as you make the transaction. |