First, good rule to follow: always pay yourself first. That is why you transfer $ from your direct deposit (or whatever system you have) to a savings. You pay out of checking as most savings accts charge if you deduct too much from them in any given month. Paper statements now cost. Check yours. If not they are hitting you with fees every month. You should never pay them. EVER.
As for balancing a checking acct? You know my thoughts: outdated from MY time and silly. Know what is in your checking, transfer from savings to cover expenses and don't ever spend more than you can afford. True "safety" is to not write checks. You could put your $ into a no-load (ie. free + interest) mutual fund checking acct and make your $ work for you rather than wasting time trying to figure out how to balance a checkbook (which isn't brain science, it is just for old folks...older than me, obviously, as I have NEVER done it). SAFE would be to have a checkcard that backs you up if you write a contested check. Write a check and don't get the goods or like the service? You are on your own.
The movie reference? No, couldn't be SpongeBob. Did he even make a movie? I've known what it was from the start. Just never seen it.
[Show/Hide Quoted Message] (Quoting Message by Vaillant 3.0 from Wednesday, May 02, 2012 1:02:59 AM)| |  | Vaillant 3.0 wrote: | | I do have a debit card, and my bank account has both checking and savings features. Every month some of the money in my checking account is automatically transferred to the savings account. It's just that for the past couple of days my mom has been teaching me how to balance a checkbook, claiming that it would be important for me down the road. Better safe than sorry, I guess.
BTW. The movie I'm quoting isn't from Spongebob, if that's what you've been wondering. 
| | | guidogodoy wrote: | | Debit card (Visa better than Mastercard in this country and most others). Just don't overspend. Never have to balance a checkbook again in your life. Honestly, I never understood this "balance a checkbook" business from the start. If you don't have it, don't spend it. Wish the country (now the world...except for China that now owns everything) followed that simple rule.
If your bank charges any fee for a checkcard, change banks. There are plenty online. Keep some $ in a local bank for use of the ATM but auto-deposit into a savings acct that you use to transfer $ to a visa checking acct. It is safer that paying cash as Visa will back you up on a scam. Plus, all you do is review your purchases. Most banks charge for a paper statement. Go to online statement ASAP. Same diff. Just glance at it to make sure that the purchases you made are your own. Notify them if they are not. Simple as Sponge (Bob).
Wish I could convince my mother of the same thing. She likes paying cash for everything. Risky, IMO.
| | | Vaillant 3.0 wrote: | | My financial life at the moment isn't the most stable thing in the world, so I think I'll have to pass on that credit card thing for now.
| | | Head banger wrote: | | guido is right. get a rewards credit card, ONLY if you know you will pay off the whole balance every month.
then you dont have to balance a checkbook, which I did once, but never do now.
| | | Vaillant 3.0 wrote: | | Sorry for the wait. Had to scare off some weirdo invading our property.
I don't travel that often, so I don't have much use for such a credit card. "Great power comes with great responsibility", yadda yadda yadda.
I think I shall keep your cane. It unclogged my toilet real well, and it just might work for the bathtub drain, which has also been clogging up.
| | | guidogodoy wrote: | | Curse you, vile woman! How am I ever going to see a Sponge Bob episode with no glasses? What, you wearing one lens of mine as a monocle?!
I laugh at people who actually "balance a checkbook" in this day and age. Some of my elders still do it and, when questioned, only have found a few pennies difference in a lifetime. Auto pay, auto deduct. Always pay off the entire balance of a credit card.
Just setting up a few trips based on the credit card miles today, in fact. Just got the visa for Brazil and diving in the Cayman Isles is now in the works. Putting packs of gum on a credit card adds up! NEVER pay a minimum. Only buy what you can afford, pay in full and you'll benefit (if you like to travel).
Now give me back my cane! It has hidden compartments! LOL!!!!
| | | Vaillant 3.0 wrote: | | Not sure about the credit card but I'll take the rest of your sage advice. Thank you, oldie!
Now, then. I must confess that I've been using your glasses to balance my checkbook. The lenses on my own kept popping out. Also, I used your cane as a toilet plunger. Sorry. I'll clean it up soon, though.
| | | guidogodoy wrote: | | Oh I can help with that....simple. Don't write checks!
I seriously must write fewer than 10 a year. Get double-sided checks (makes an imprint of the check) and a good credit card with airline miles and USE them. Take my sage words of wisdom.
| | | Vaillant 3.0 wrote: | | Yeah, sure. As soon as I find out how to balance my checkbook.
| | | guidogodoy wrote: | | Can you help me find my glasses first? It was by my cane (which I still haven't found).
| | | Vaillant 3.0 wrote: | | Ah, go clean your dentures, old-timer.
| | | guidogodoy wrote: | | Ah, you kids. Always seem to know the same quotes.
(No, I have yet to see a single "Sponge Bob" episode either!) HA!
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