-=> Quoting Barry Martin to Nancy Backus on 05-Jul-2020 08:32 <=-
BM> <Credit cards and finances stuff>
NB>> The trick is to normally stay on top of things, only buying what is
NB>> well within one's means, so that one has the margin to get the less
NB>> accessible needs when they arise... and be able to make any necessary
NB>> payments on any debt that needs to be incurred... And then, when you
NB>> have the money and don't need to borrow, not to be sucked in by the
NB>> pesterers... ;)
BM> Yes. Was reading the other day what the article classified as poor
BM> were constantly zinged: if no bank account the person gets charged $7
BM> (article's number) for check cashing. So to use easy numbers their
BM> $100 paycheck is now a little over $90. Pay a bill by buying a money
BM> order, there's a fee for that, further chipping away at that paycheck.
The commercial banks, even the small town ones, aren't set up to be kind
to the poor, what with their fees and monthly maintenance charges when
under some minimum amount (or without direct deposit of pay or
pension)... But that's where the credit unions come in as a godsend to
the poor... As long as one meets some basic criteria (generally living
or working in the area served by the credit union), one can open a free checking
account, no fees, and for as little as a $1 deposit... So the
person the article referenced could deposit the paycheck into the
account, and write checks to pay the bills, no extra fees... And the FCU
I use gives a free box of checks when one opens the account... and a
debit card if one wishes, to access the account without checks... :)
BM> OTOH I get money (interest/dividend) because I have money in the bank/
BM> credit union, get free checking (and whine about paying for a new box
BM> of checks).....
Credit unions are a much more friendly option... :) And the accounts
that I use a lot of checks for, I generally get my checks mail-order at
one of the discount places like Checks Unlimited... their 4-box offers
for new customers are a lot less expensive than buying new checks
through the bank or CU... :) It takes me a long time to use up 4 boxes
worth of checks... <G>
BM>>> I remember when the store switched over to direct deposit: no physical
BM>>> paycheck to symbolize payment of the work I've done. Work work work
BM>>> and nothing in return. Sure, the money was in my account, just I
BM>>> didn't get to touch it like with the paper paycheck.
NB>>> A different psychological/mental impact.... ;)
BM>> Yes: I was raised with paper so when "took that away" the link between
BM>> work and payment was gone.
NB>> That's when one needs to set up other ways of maintaining that link
NB>> mentally... whether between work and pay, or income and outgo... :)
BM> Right. For me the handwritten entries in the journal seem to help
BM> with that linking.
So that works for you.. :) For me, it's usually sufficient to enter the
direct deposit into the bankbook... ;) And to keep up with the various
debits, checks, withdrawals etc into the checkbook register... :)
ttyl neb
... Rumors of the death of the BBS have been GREATLY Exaggerated
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