Personal Budget Tips
Part of the Video Series How to Budget Personal Finances
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Video Transcript
Personal Budget Tips
Hi! This is Alfred on behalf of Expert Village. All right, which should you use? Cash, credit or debit? One of the easiest ways to keep track of your spending is to have a checking account. That way when you pay for purchases with checks or your ATM or debit card, you already have a record of them. Then you need to only track a few expenses that you paid for in cash. What are the benefits of having a checking account, you might ask? It is safe. It is much safer to write a check than to carry cash. If for example you loose your checkbook, you can tell the bank to cancel your checks and no one else can spend your money. It is convenient. Checking accounts are also convenient for paying bills. Paying by check is much easier and cheaper than buying a money order and you will have proof that you paid your bills. In addition to wiring checks to make purchases, you can use an ATM debit card at any bank machine, grocery store or drugstore to make a purchase. Some banks offer on-line banking which allow you to check how much money you have in your account and pay bills on line. Credit cards can be a great tool when used properly. Monthly statements make it pretty easy to track your expenses. It is a bad idea to get a credit card or loan without having a budget or savings account. If you like the concept of a credit card without the interest, then a debit card is a very good option. When it comes to cash, it is hard to spend what you don't have. As we talked about in the envelope system, so you do tend to save more money. The downside of using cash is that it takes a lot more discipline to keep track of your cash purposes.
Hi! This is Alfred on behalf of Expert Village. All right, which should you use? Cash, credit or debit? One of the easiest ways to keep track of your spending is to have a checking account. That way when you pay for purchases with checks or your ATM or debit card, you already have a record of them. Then you need to only track a few expenses that you paid for in cash. What are the benefits of having a checking account, you might ask? It is safe. It is much safer to write a check than to carry cash. If for example you loose your checkbook, you can tell the bank to cancel your checks and no one else can spend your money. It is convenient. Checking accounts are also convenient for paying bills. Paying by check is much easier and cheaper than buying a money order and you will have proof that you paid your bills. In addition to wiring checks to make purchases, you can use an ATM debit card at any bank machine, grocery store or drugstore to make a purchase. Some banks offer on-line banking which allow you to check how much money you have in your account and pay bills on line. Credit cards can be a great tool when used properly. Monthly statements make it pretty easy to track your expenses. It is a bad idea to get a credit card or loan without having a budget or savings account. If you like the concept of a credit card without the interest, then a debit card is a very good option. When it comes to cash, it is hard to spend what you don't have. As we talked about in the envelope system, so you do tend to save more money. The downside of using cash is that it takes a lot more discipline to keep track of your cash purposes.
About the Expert
Expert: Alfred Loughmiller studies Multimedia Communications at Utah Valley State University, and has worked a number of years in advertising and television production. Read More
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