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| Cash or Debit? How to Choose |
Debit cards. Chances are that if you don’t already have one, you know a friend who does. These little pieces of plastic are hugely popular. Using a debit card is like spending cash because the money comes right out of your checking account. But why not just use cash all the time? Debit cards and cash both have their own advantages and disadvantages. By examining them, you can decide when to use your debit card and when it’s better to spend cash.
Debit cards are great financial tools that can help make life simpler and more convenient. Some advantages of using a debit card instead of carrying cash include: -
A debit card is more protected than cash in case of theft. While a thief can easily spend your $20 bill anywhere, he or she will have a more difficult time using your debit card because of your secret PIN and your signature on the back. Also, you can call your card issuer right away if your card is stolen and the card can be canceled before the thief has time to use it. -
When you use a debit card, you don’t have to worry about lugging around the loose change that accumulates when you use cash. -
If you use a debit card for most of your transactions, you can look at your monthly statement and have a great record of where you spent your money that month. This record can help you determine ways to save money in future months. -
If you carry a debit card, you don’t have to worry about running out of cash and not being able to find an ATM or credit union branch nearby.
But, when using a debit card, you have to be careful to avoid potential pitfalls. Sometimes cash is a better bet. Some benefits of using cash and drawbacks of debit cards include:
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If you spend cash, you don’t have to record every transaction in your checking register and you don’t have to worry about losing track of receipts before you’ve recorded them. -
If you spend cash, you actually see the money leave your hands and may be more conscious of how much you’re spending as opposed to using a debit card and not seeing money at all. -
Some places still don’t accept debit cards and you’ll need to have cash to make a purchase. -
Since your debit card takes money straight out of your checking account, you have to always keep in mind how much money you have and make sure you don’t overspend. When you spend cash, you can carry a limited amount and make sure to stop spending when you run out.
Adding a debit card to your financial portfolio will give you added flexibility and convenience, just remember that cash is still necessary in certain situations. No matter which you choose to use, cash or debit, make sure you always spend responsibly.
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Comments: |
On Tuesday, 15 Jan 2008, Rogan said:
How old do you have to be to have a debit card? |
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On Wednesday, 21 Mar 2007, David said:
What about credit cards? |
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On Thursday, 29 Mar 2007, savannah said:
this rocks |
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On Friday, 6 Apr 2007, Chris said:
What's a checking register? |
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On Tuesday, 10 Apr 2007, CU Succeed Team said:
Hey Chris,
A checking register is the grid that comes in the back of your check book. It is another way for you to track your balance in your checking account when you write checks. You just record the date, the number of your check and the amount you spent, so that you can track it at a later date.
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On Tuesday, 16 Jun 2009, Harlee said:
Rogan, i just got my first debit card and i'm 13. im pretty sure you can get one at any age above 10. whats cool is if you're above 10 then its your personal account and you don't have to share it with a parent. |
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On Tuesday, 26 Jun 2007, Jessica said:
I really liked this article it helped me decide which was best for me. Very Helpful. |
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On Monday, 6 Jul 2009, Katrina said:
do your parents have to make the choice of getting a debit or credit card or do you have the power to choose? do you have to be a certain age to get a card? if so, how old? |
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On Friday, 13 Jul 2007, Luis said:
Umm... where can you get a checking register. I just got my own joint checking and saving s account with my father but now that i read here that you can use a checking register & that would help alot. I think I'd like to get one. Where do you ge one? |
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On Friday, 13 Jul 2007, CU Succeed Team said:
Hey Luis,
You can get a checking register from your credit union. Generally, they come in the back of your check book when you sign up for your checking account. If you didn't get one when you signed up, just go by your credit union and ask for one; they should be able to set you up. Keep in mind that a checking register isn't anything fancy; it's usually a grid where you can enter the date, the number of the check, and the amount paid. Hope this helps, and good luck with your new account.
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On Monday, 25 Jul 2011, Jimmy said:
How old do you have to be to get a checking account? |
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On Monday, 25 Jul 2011, Jimmy said:
How old do you have to be to get a checking account? |
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On Friday, 7 Aug 2009, James said:
with great power comes great responsibility use this advice when it comes to debit cards please |
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On Tuesday, 20 Oct 2009, Carlie said:
Thanx it helped me convince the parentals to go debit |
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On Friday, 7 Nov 2008, Bob Morgan said:
get a check register through the mail? |
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On Friday, 7 Nov 2008, Cierra said:
Yeah how old do you have to be to get a debit card? |
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On Wednesday, 2 Dec 2009, casey said:
at arizona federal to get a debit card you have to be 13 years old |
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