Hi Nancy!
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.
NB> The commercial banks, even the small town ones, aren't set up to
NB> be kind to the poor, what with their fees and monthly maintenance
NB> charges when under some minimum amount (or without direct deposit
NB> of pay or pension)... But that's where the credit unions come in
NB> as a godsend to the poor... As long as one meets some basic
NB> criteria (generally living or working in the area served by the
NB> credit union), one can open a free checking account, no fees, and
NB> for as little as a $1 deposit... So the person the article
NB> referenced could deposit the paycheck into the account, and write
NB> checks to pay the bills, no extra fees... And the FCU I use gives
NB> a free box of checks when one opens the account... and a debit
NB> card if one wishes, to access the account without checks... :)
OK, yes; I'll admit to sort of forgetting about the credit union option.
(And my Mother and I use them!) My credit union has a $5 opening and
minimum requirement which still could be a stretch if someone is
searching for couch cushion change but at least that's a one-time fee
and as long as don't go below one doesn't get hit with other fees.
I don't recall if the first box of checks were free; replacements aren't
(have to pay) but with the free Bill Pay (electronic payment) they last
quite a while. Also got the free debit card which has or had some sort
of points programme attached to it: purchases get points as long as used
five times per month. (The credit card I usually use is a better deal
for me.)
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).....
NB> Credit unions are a much more friendly option... :) And the
NB> accounts that I use a lot of checks for, I generally get my
NB> checks mail-order at one of the discount places like Checks
NB> Unlimited... their 4-box offers for new customers are a lot less
NB> expensive than buying new checks through the bank or CU... :) It
NB> takes me a long time to use up 4 boxes worth of checks... <G>
Yup! My old bank had a style of check that was free: plain and a light
blue IIRC. Fine with me: do I really care the Gas and Electric Co. is
getting a check with puppies on it? LIS my credit union charges for the
checks -- also plain; I'd guess a light red as their logo is red and
black so could print with two colours (red and black).
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.
NB> So that works for you.. :) For me, it's usually sufficient to
NB> enter the direct deposit into the bankbook... ;) And to keep up
NB> with the various debits, checks, withdrawals etc into the
NB> checkbook register... :)
Right: one accounting method doesn't work for all. While doing the
multiple entries in my method sometimes seem like a pain (I'll even
occasionaly grumble!) for me helps to focus on money in and money out.
And not saying you're not having the same focus, just your method is
slightly different.
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