Answer:
- It’s expensive to be poor. The less money you have, the more it costs you to do basic transactions.
- If you want to cash a check, and you’re part of the banking system, it’s simple and easy. It’s usually free of charge.
- But if you’re outside the system, you need to stand in line waiting at a cash checking location, and pay.
- You’re waiting in line, you’re losing money on every transaction, and then if you want to pay a bill, you need to stand in line again, and pay a transaction fee to pay your bills. This is the kind of system we have today
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The idea is part of this collection:
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How to manage risk
How to analyze investment opportunities
The importance of long-term planning
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When budgeting comes in handy
- You have no idea where your money is going.
- You’re chronically overspending.
- You’re not saving any money.
- You struggle to afford the things you really want.
- You have trouble keeping track of bills.
- You often face cash flow problems.
Systems vs. goals
- If you do something every day, it’s a system.
- If you’re waiting to achieve it someday in the future, it’s a goal.
Credit/debit cards
Credit or debit cards are convenient, but you don't see your shrinking bank balance with every purchase.
If you use mobile banking or money management apps while using your card, and it’s working, keep doing your thing. Otherwise, you might want to consider...
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