Six Ways Using Checks Can Help You Better Manage Your Finances
Although checks have significantly decreased in popularity over the past several years, it’s still undeniably true that they are a solid form of payment. One of the only real benefits of debit/credit cards over checks is that payments are practically instantaneous.
However, even this can be seen as a disadvantage if you are having second thoughts about a payment or purchase. The question still remains: how can checks help you better manage your finances? You might be surprised to find there are several ways.
Individuals Can’t Accept Credit Card Payments
If you don’t have cash in your wallet, how are you going to give money to an individual who doesn’t own a credit card reader? You could go to the ATM, but this could be extremely inconvenient depending on the situation, as well as the distance between your location and the ATM.
A check makes it easy to gift money to an individual without needing physical cash. Checks are often a preferred way to pay landlords, plumbers, freelance photographers and more.
It’s Safer to Mail Checks
With all of the illegal activity and crime going on in the world, that last thing you want to do is place your hard-earned money into an envelope and mail it with the hopes of nothing bad ultimately happening to it.
If you need to send money over a long distance, a check is a great way to make this possible. These days, it’s incredibly easy for criminals to detect money inside of an envelope without ever needing to open it.
Checks Prompt Accountability
When you make a payment with a debit/credit card, you likely aren’t going to immediately write the transaction down for your own records. However, each check book comes with a register for easy monitoring of your checking account balance.
Checks essentially make it easier to keep a clear view of your finances. Likewise, each written check comes with its own receipt so that you can keep specific track of payments.
Checks Can Buy Time
One of the many reasons people turn to checks for making payments is because they can provide a cover for establishing the necessary funds for said payments. For example, if a bill is due now but you need a couple of days to get your finances in order, you can use a check to make the payment.
The payment likely won’t be processed for the next 1-3 days. However, it’s wise to use caution with this technique because some vendors might process the check immediately.
The Recipient Doesn’t Need a Bank Account
This is arguably one of the best advantages of using checks. In the event that you write a check out to someone, you can rest assured that it will be cashed without the need for a bank account.
Furthermore, checks can be cashed at many different types of locations. This can be useful when you want to make a quick, safe payment to someone without needing actual cash in your wallet.
You Have Time to Cancel a Check
Lastly, checks are incredibly easy to cancel. Because they often times aren’t immediately processed, you have more time to consider a payment or purchase before allowing it to fully go through.
For example, if you wrote out a check to a friend for $300 when you were actually only supposed to give them $200, you can void/cancel the check before it has time to be cashed.
The good news about using checks is that you don’t necessarily have to choose them over your debit/credit cards. You can use credit/debit and checks simultaneously to have multiple payment options at your finger tips. If you aren’t already using checks, go to Checks-Superstore.com to get unique personal checks.
Category: Family Finances
