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Re: Checks
Board: Money and Investing
Reply to: #924082 by Green Tortuga
Apr 10, 2016 8:16pm
Thread (disabled) Board
Just wanted to share this story about learning on how to write a check. These days young adults are clueless as to even knowing how to write the words for a specific dollar amount. Example for the amount $123,456.00 they have a difficult time translating that amount into words for writing a check. Probably one of the main reasons no one wants to write checks. There's no spell check.
Re: Checks
Board: Money and Investing
Reply to: #924089 by scouttrekkie
Apr 10, 2016 9:38pm
Thread (disabled) Board
Example for the amount $123,456.00 they have a difficult time translating that amount into words for writing a check.

I have to admit... I've never had that problem, but I sure wish I did! =)

-- Ryan
Re: Checks
Board: Money and Investing
Reply to: #924075 by Crazyolis
Apr 11, 2016 3:24am
Thread (disabled) Board
I would have to agree with Ryan... there isn't a lot of benefit in writing checks more than a few times (once you know how). I think it is a far better strategy to teach him how to be responsible with credit and how to be safe with his money transactions online.

I think it is true that you have to be 18 to get a credit card, but maybe you could start with a secured card in your name that is his responsibility. As long as it is secured, he is limited to spending the amount actually in the account. This way he can get familiar with the practice of paying the entire balance each month. Then once he is old enough to get one in his name, he will already have some experience with it.

As for online transactions, even though many people shop online and use online bill pay, most could use a good class in online money safety. This is where I see the future going -- the continued use of online money transactions, but along with that comes the continued occurrence of phishing schemes and other crooks trying to steal your identity.

SpringChick
Re: Checks
Board: Money and Investing
Reply to: #924104 by SpringChick
Apr 11, 2016 4:06am
Thread (disabled) Board
I was wondering if he could even get a card in his name until he was 18? I do have to look into that. My second thought was to get a new gas card in his name and make his responsible for his portion. I just wanted him to have the experience of getting the bill each month and paying it off.

And I do admit, if I have to write a big check for something, I have to think a minute on how to write out the dollar amount!

True about needing checks for somethings....cookies...I told him he needs to keep at least some cash on him, he shouldn't run his debit card everytime he runs through McDonalds. But then I say really....why...at least when running his debit card, he has a record of what he spent in a day. If he leaves the house with 50 bucks in cash and comes home with $3 he will have no idea where he spent it all.

Oh the things you must think about when trying to teach financial responsibility!
Re: Checks
Board: Money and Investing
Reply to: #924075 by Crazyolis
Apr 11, 2016 4:17am
Thread (disabled) Board
My Girl Scout troop has had to learn how to write checks as part of their badge work. My granddaughter has a checking account to pay her dues each week. Her type of checking account will entitle her to a bonus of $200.00 for opening the account at a certain time that the bank offered it.The other girls chose not to do it. Their loss! Of course, the bank had her go through the paperwork, etc. just like we all have done when we opened our checking accounts. She learned that it is a process to do any banking.

I write checks and do not pay any bills online. I have had to many problems with computers and don't trust them paying bills that way. I have one credit card to just order items online so in case of any problems, I can easily track it.

Good luck in whatever you choose to do.
Re: Checks
Board: Money and Investing
Reply to: #924105 by Crazyolis
Apr 11, 2016 4:31am
Thread (disabled) Board
Everything else aside, what would it hurt to get him some checks? You can get checks inexpensively through Current or other companies like that. Then, if there was ever an occasion to use a check, he would have them. It is not like they will go bad. If that one box lasts him from years, that it fine. :-)
Re: Checks
Board: Money and Investing
Reply to: #924075 by Crazyolis
Apr 11, 2016 7:06am
Thread (disabled) Board
I write one check a month for my rent. Even though most bills are paid online, until we go to a completely paperless system, it's still good to know how to write a check.

TG
Re: Checks
Board: Money and Investing
Reply to: #924109 by RDHG
Apr 11, 2016 7:50am
Thread (disabled) Board
It is not like they will go bad. If that one box lasts him from years, that it fine.

Actually.... I had a checkbook where the date is partially already filled in: ________ 19__.

I scribbled out the "19" and write the full year the rare times I've used it. I might still have that checkbook somewhere, but I think it's in storage. I can't remember the last time I've seen it, but I know I never threw it away and I still have the account it was attached to. =) I think I got the checkbook in 1995 or something. I'll probably still have it until I die. =)

-- Ryan
Re: Checks
Board: Money and Investing
Reply to: #924075 by Crazyolis
Apr 11, 2016 7:54am
Thread (disabled) Board
I write checks (piano lessons, skating coach, Scholastic book orders) all the time, but I'm not sure a sixteen year old would need to. And checks are so expensive to order!

Your teaching him to be financially responsible is far more important than whether it's checks, credit card, or gas card. He'll learn from your example, and maybe mess up a few times as he finds his way. Better when the stakes are low.
Re: Checks
Board: Money and Investing
Reply to: #924124 by Green Tortuga
Apr 11, 2016 1:01pm
Thread (disabled) Board
Haha. If her teenage son is still around writing checks by the time the next century rolls over, then more power to that old man!
Re: Checks
Board: Money and Investing
Reply to: #924075 by Crazyolis
Apr 12, 2016 10:23pm
Thread (disabled) Board
Teach him responsible financial behavior. I would definitely start my kids with using plain simple green cash. Let them feel and see the cash. No cards, no checks, no speed pass! All cash. It seems that young kids don't fully grasp where the cash is coming from and they believe it is endless. Teach him how to earn that green stuff, how to save it in his personal account, how to create and stick to a budget, and how to withdraw the money when he needs it. Teach him the benefits of compound interest and the downfall of getting into debt. Being able to get in debt to "build credit" can come later. Good Luck!