Monthly Archives: June 2014

Financial Tips for Living on Your Own

Living on your own for the first time can be quite the overwhelming experience. All of a sudden, you are in charge of your life. Your parents aren’t there to write the checks to pay the bills — you have to do it on your own. Making the transition from childhood to adulthood is not an overnight process. It is something that takes time, and you can expect to make your fair share of mistakes. The biggest responsibility you face is meeting your financial obligations. Here are some tips to help you get started into adulthood with solid financial footing:

  • Open a checking account as soon as you get your first job. Even if you are not a legal adult yet, you can still open a checking account. You may need your parents’ help, but once you have a checking account, you can start managing your money.
  • Keep track of every check you write. You can do this by using the ledger that comes with your checkbook, or you can order a check register from us. Writing down every purchase you make and every bill you pay will help you keep track of where your money is going.
  • Don’t forget to keep track of all deposits. It can be easy to overlook a deposit if it is made automatically, so make sure you know when your paychecks will be deposited.
  • Balance your register with your bank statement every month. Make sure there are no discrepancies.

Learning financial responsibility starts as soon as you have money to manage. Whether it is an allowance or a job, opening a checking account will help you learn to manage your money. If you choose not to open a checking account until you are a legal adult and moved out on your own, keep those tips in mind. It is never too late to learn how to be financially responsible.

One last thing to keep in mind — when you do move out on your own for the first time, make a budget and stick to it. There are various ways you can do this. One popular method is the envelope system, in which you have an envelope for all expenses, such as utilities, rent, food, entertainment, gas, etc. Once the envelope is empty, you cannot refill it. This will help teach you to budget your weekly allotments with care.

Contact us today at www.checkworks.com, and we can set you up with personalized checks for your checking account.

Using a Checking Account to Rebuild Your Credit

It only takes a little while to ruin your credit — but it can take years to repair it. With the rough economy of the past few years, more and more people are learning what it’s like to have to rebuild their credit. People who once had stellar credit now find themselves struggling to raise their scores past the 600 mark. Whether the cause was a delinquent credit card, or even a foreclosure, the result is still the same — low credit scores and few options for rebuilding. One way you can start to rebuild your credit is through the use of personal checks.

Opening and maintaining a checking account is a great first step towards establishing yourself as creditworthy again. When you maintain a checking account in good standing for months and even years, you are demonstrating to creditors that you know how to manage your money. Some of the ways to maintain your account include:

  • Making regular deposits into your checking account. If possible, opt for direct deposit from your employer.
  • Write a steady amount of checks each month.
  • Keep your account balanced — never overdraw your account!
  • Keep your balance well above zero.

The direct deposit of your paychecks is something that a possible creditor, such as an automobile loan lender, can look at. They can see at a glance that you have a steady, reliable income each week. This is also an easy way for them to see how much you earn each week and how long you have been earning your income — factors they will consider when deciding whether or not to offer you a loan.

The use of written checks and keeping your account balanced will also help you to learn important money-management skills. These are important to know, especially if your credit score plummeted due to mismanagement. Maintaining your register provides you with a clear record of where and when you spend money, making it easy for you to see where you can cut expenses. It is much easier to keep track of your money through written checks than by swiping your debit card.

Finally, keeping your balance above zero is another way in which you can show potential creditors that you know how to manage money. It also demonstrates that you always have at least some money on hand, making it easier for you to meet monthly payment obligations. Visit www.checkworks.com to order your new checks for your checking account and start rebuilding your credit one check at a time.

The Importance of a Small Business Checking Account

When you own a small business, one of the most important aspects of running that business is keeping good financial records. You have to have a clear and concise record of where your money is going to ensure that your business doesn’t fail. One aspect of keeping good records is by writing checks. When you pay your vendors and other expenses with business checks, you create written records of where you spend money.

You can easily see which expenses were paid and how much was paid. You don’t have to worry about whether you forgot to write a receipt, because you have the duplicate check as a record. Here at CheckWorks, we offer a wide selection of business checks that are ideal for record keeping. With duplicate checks, you can write checks for anything and know that you have an instant record being created at the time you are writing the check — this is truly a convenience that you cannot afford to be without.

Balancing your checkbook for your business every month is another important part of keeping good financial records. When you get your bank statement, you have to make sure your records match those of the bank. You have to account for any discrepancies. Careful record keeping will make things much easier for your accountant at tax time, too — no one wants to file their taxes without specific records documenting all purchases and expenses.

If you are already a small business owner, or you are planning on starting a new business, make sure one of your first steps is opening a business checking account. While it may be tempting to use your personal account for your business – as juggling more than one account can be confusing — make sure your business has a separate account. This way, all business-related activity is tied to one account, and you don’t have to sort through personal expenses and business expenses.

Visit us today at Checkworks.com and have a look at our selection of business checks.

Use a Checking Account to Start Building Credit Worthiness

When you are starting out in the “real” world as an adult, you have a lot of choices in front of you. You have to make careful choices, too, because they can affect the rest of your life. For example, if you decide to open several credit lines, and wind up getting behind, you can damage your credit. A better alternative to establishing some credit is to open a checking account. When you write checks, you will not only be learning how to manage your money with care, you will slowly be building your credit worthiness.

As a young adult, you need to be cautious in the financial world. It only takes one missed payment to ruin your credit, but it can take years to restore it. Instead of rushing out and snatching up credit cards, learn how to live within your means with a personal checking account. Here at CheckWorks, we offer a wide selection of personal checks to help you on your journey into adulthood.

After you have successfully handled your money in your checking account for a few years, you can start thinking about taking on a credit card. Your bank may have a credit card to offer you. Just remember to take things slow when it comes to credit cards. Avoid having too many cards at once, and make sure you pay off your balances quickly. If you ever get in a jam and have to miss a payment, always contact your credit card company and let them know the situation, and when to expect your payment. Communication is very important in the credit world.

By learning how to manage your finances with a checking account, you will soon be ready for credit cards, automobile loans, and, eventually, a mortgage. The first step to being a full-grown adult is a checking account — and we are here to help you enjoy your checking account by giving you stylish, fun checks to use!

Contact us today at CheckWorks to choose from our selection of personal checks, registers, and other money management tools. We want to help you manage your finances with ease!

Teaching Money Management to Teens

Money management is not normally on the list of available courses when your teen is in high school. It falls on your shoulders, as the parent, to ensure that your child understands financial matters and is ready to face the world when the time comes. CheckWorks is here to help you teach your teen about managing their money. A checking account is one of the easiest tools to use to teach money management. Our wide assortment of checks, registers, and other budget-tracking tools are quite useful in learning about finances. Here are some more tips to help you teach your teen how to be a money-savvy adult!

  • Show your teen how to use the register to record every purchase with a check, instead of swiping their debit card. Remind them of how easy it is to overdraw a checking account by always using a debit card. Writing checks provides clear records of where their money is going and how much is left.
  • If your teen struggles to remember to use the register, or complains that it is too time-consuming, have him/her use duplicate checks. This will provide a copy of each check written. Your teen can then copy the information to the register after making a purchase.
  • Teach your teen to live within his/her means. If they don’t have the cash to cover a purchase, then they shouldn’t buy it. Make sure you do the same and teach by example.
  • Once your teen reaches legal age, they can expect lots of credit card offers. Encourage them to ignore the offers — too many credit cards can lead to trouble! Instead, help them find a single card with the best benefits. This will help them build their credit without going into too much debt.
  • Help your teen balance his/her checking account at the end of each month. Remind them to ensure that the bank’s statement and their register matches. Tracking down any discrepancies is a must.

As the parent, you need to show your teen the best ways to manage their money in a responsible manner. Remember — you are not just raising a child; you are raising an adult. Contact us today at www.CheckWorks.com  and help your teen order personal checks, registers, and other money-management tools to ensure that he/she enters adulthood confident in their money matters.