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That one | What would you tell my stepson about the advantages of a checking account vs. doing everything with cash? |
He is 21 years old, and he does have a checking account and credit card with a very solid credit union, which also offers electronic banking & bill-paying. However, he prefers to get cash for his paychecks, and then save the cash in his room. He pays his bills by driving around town and paying them in cash, in person.
Sometimes he asks us to pay some of his bills, giving us cash and then having us pay the bills by credit card or from our checking account, to avoid writing a check himself, and to avoid dealing with checks, envelopes, stamps, updating check registers, etc.
Recently he gave me cash and asked me to buy a plane ticket online with my credit card, because he preferred doing it this way rather than using his own credit card.
What advice would you give this young man? |
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Joy M
|
1) If someone breaks into his house and steals his money, he's pretty much screwed. He's lost all of his money and there's no real way to get it back. If he loses his debit card or it's stolen, he can easily cancel it and his money will still be secure.
2) By using his credit card, he can build credit, which can help when he wants to buy a house, a car, take out a loan, etc.
3) It's just easier to do all these things yourself using an online bill-paying system than running around giving people money and asking them to do this or that.
What reasons does he give for not using these systems? |
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DearAbby
 |
It has helped me keep a good record of where my money is going and also a receipt or proof for the irs.
when i used my credit card for my flight tickets and even paid grociers with my credit card.. and the end of the year.. they sent me money.. Also my bank sent me money as well for using the atm card. So, I like that Its used as a coupon..because I do get 3% back.
My sons friends have asked me to do the same.. but I encourage them to get a credit card that is used for only that purpose and earn money back. Or start calling in the different companies and have it set up that they know your info and you only have to call and tell them take this much the day before its due. Less paper detail. More of keeping track of the day it is to be paid. |
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Restless
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The only thing a checking acct allows is for him to keep up with his spending. If he pays for everything in cash he can do the same with receipts. We just went over this in personal finance class basically there isnt anything wrong with him using cash. He may be concerned that he will ruin his credit score if he starts using a credit card (spending when he shoudln't). A negative with him paying in cash is that some places will not allow you to pay with cash or a check card only check. |
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Jay
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I would tell him thank you for helping to build YOUR credit history, but when is he going to start his own?
Someday you won't be there to handle his business and he isn't going to know how. Then who is he going to give his cash to? Perhaps someone that will simply keep it.
You are adding to the problem by continuing to do it for him. I would simply say "no". |
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Shamud
 |
I would talk to him about the advantages of building his credit by responsibly using a credit card for those transactions. If he sets up the bill paying online, he can pay right away when he makes a purchase, if that makes him feel better. If he uses his own card and pays it responsibly, he will be building good credit for the future when he wants to buy a house or a car.
Also, just from a safety point of view... Losing a wad of cash is irreplaceable. Gone forever. Most credit cards or debit cards will have protection, so if you lose the card, typically you don't lose all your money even if someone spends every dime. (Not always the case, but it is common to have protection against that.)
Similarly, if he gets robbed because people know he carries a wad of cash, he could get hurt. A thief would notice his wad of cash and might follow him, but a thief who sees someone pay with a credit card would think of them as a lower priority. Cash isn't traceable. So carrying cash like that is actually not safe. |
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sunvegas
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I would tell him to open free checking account with a local bank that is a very closer to where he lives.There's nothing wrong paying his bills with cash.Cash is king and when you pay your bills with cash you know for sure your bills are pay 100% no worries. |
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httnmrtt
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If he doesn't exercise his bank account, it will not help his credit rating. So far, he shows a dormant checking account and an unused credit card. He has to use it to increase the credit limit. Even though he paid cash, you got stuck with the interest and user fees when you used your credit card for his purchases. |
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swolf123
|
Sit him down and tell him that you love him but you are no longer going ot be his personal piggy bank. Stop paying your sons bills for him. He needs to learn how to manage his money on his own. You are setting your self up for an extremely bad situaion by putting his bills on your credit card. This can create alot of friction if he happens to not pay you. You are not helping him by doing this. He needs to be responsible for his own money.
If he is not going to school, ask him to move out. Time to grow some legs and move out. This may be hard to do but in the long wrong it is what is best for him emotionaly and spiritually. He needs to be on his own.
By keeping the cash in his room he is missing out on the interest it can earn. Also having a lot of cash laying around is a good way to loose it or have it stolen.
Good Luck! |
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stephenweinstein
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If you want to be selfish, advise him to keep doing what he is doing now. You are getting rewards points (or whatever your credit card offers) from his purchases. |
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K365.25
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look at it this way, already he's showing responsibily because he's paying his bills. for him, the problem is that he can't build credit without actually using the card, and remind him that just possing the card really doesn't do much. it could be just a short jump for him to pay all his bills with his credit card, then pay the credit card bill with a check. yes, it would be all at once, but it can save him time and a lot of gas money
http://pinchallthosepennies.blogspot.com |
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Kir S
 |
Besides helping him build credit, using credit cards and writing checks gives him records of important transactions. Getting paid in checks allows him to keep track for tax purposes as well as proving how much he was paid if there was ever a dispute about how much he received. Also, if he's paying bills in cash and not getting recepits, there's always the chance that someone might come after him for owing a debt, and he will have no proof he paid it. That could end up costing him. If he's written a check, he has proof it was paid, and it can be resolved easily. My parents were contacted by the electric company that their electricity was being shut off for non-payment. They had paid, and were able to produce the cashed check, proving that they didn't owe anything. The electric company had made a mistake and failed to record the payment in the system. Had they paid cash, they would have had no proof and would have had to pay again in order to keep their electricity on. And when it comes time for him to purchase a house, or buy a new car, he's going to need to be able to present a credit history that proves he can pay his bills and handle a credit card. I've seen someone get declined a cell phone account because he had no credit cards and no mortgage, everything he did was in cash. You're not going to be there forever to pay for things with your credit, and he'll need to be able to take over it himself. And the older you get, the harder it gets to establish credit. When you're first starting out, banks offer credit cards for people with no credit. Once you get older, they're less likely to give you a credit card, and if they do it's a very small limit. Better to get started now than 10 years from now. |
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