If you are struggling to manage your finances, you are far from alone. Research suggests that as many as 70% of households are experiencing some form of financial difficulty, predominantly due to rising costs and high levels of inflation. Although it can seem like there is no light at the end of the tunnel, especially if you are currently dealing with debt, there are ways that you can improve your financial situation.
While the concept of personal checks may seem outdated to many, there are lots of reasons why you should use these to make payments over more modern methods such as online transfers.
Read on to discover all about how personal checks can help you get on top of your financial situation and make your money more manageable.
What are personal checks?
Personal checks are pieces of paper that are processed from your checking account. On each check, you write down the amount of money and the name of the recipient who will receive the money. You can use personal checks to pay bills, give money to family and friends, and purchase items in stores. A check acts as a promise that the funds will be available when the recipient redeems it. This could be hours, days, or even weeks later.
You can order personal checks directly from your bank, or, if you want something a little bit more personalized, you can design your own customized personal checks. Check out these high-quality cheap checks that can be ordered online and delivered directly to your door.
What are the benefits of using personal checks?
As a type of slow-moving debit card, you may be wondering how personal checks can help you keep on top of your finances.
You can avoid processing/convenience fees
Some businesses and banks charge fees for electronic payments, which can add up over time. If you are already struggling to make ends meet, these charges or fees could send you into your overdraft, resulting in even more costly charges.
You can enjoy enhanced security
Online fraud is rising at an alarming rate, with cybercriminals becoming increasingly sophisticated in their tactics. However, when you choose to use personal checks, you can enjoy the benefits of old-school security as banks still require a signature on every check.
You don’t need access to the internet
Although most people have access to the internet in their homes, not everyone does, and even if you do, you may not feel comfortable banking online. The beauty of personal checks is that they are accessible to everyone, regardless of whether or not they have the internet.
You can send them safely in the mail
If you want to send a cash gift to a family member or friend via the mail, you may be understandably worried about the risk of theft. However, when you send a cheque in the mail, you are much less likely to fall victim to opportunist thieves, as cheques are much harder to see inside an envelope than bank notes.
You don’t need to have the cash ready immediately
If you need to make a payment but do not have the funds available for a few days, you will be pleased to hear that cheques take a day or two to process. This means you have more time to ensure enough money in your account and you are less likely to be hit with banking charges.
You can keep track of your spending
Personal checks can make budgeting your money and tracking your spending easier as you have to actively write down the amount and create your own personal receipt. These are kept safely in your checkbook, enabling you to quickly and easily see what you have spent money on and how much you have spent.
You can sign personal checks over to someone else
If you want to, you can sign over a personal check to someone else. This is easy to do and you don’t need to go into your bank to have this process approved. All you need to do is write “pay to the order of” and the person’s name under your endorsement signature on the back of the cheque.
Final thoughts
Although many people believe personal checks to be outdated, there is much to be said for making payments this way. For many, using a debit or credit card takes away any accountability, which can be dangerous when trying to stay on top of your finances.
If you think you might benefit from using personal checks, whether daily or for specific occasions, why not give them a try and see how you get on?