There are many ways to control your finances. Two common ways are paper checks, where you write paper checks, and electronic checks, where you do everything online or with a debit card. Both methods have their pros and cons.
Lessen the Impulse to Buy
Because paper checks take time to write, they can lessen the urge to buy on impulse. When you doing your banking electronically, the temptation to buy with the swipe of a card or the click of a mouse may make those impulse buys too easy to pass up.
Easier to Budget
Because you have to write each of your transactions in your check register, paper checks make it easier to keep an eye on your budget and on where your money is being spent. Doing everything online with electronic checks may make it more difficult to keep track of your balances without having to go to an ATM or going online.
Paper checks take longer to write. And carrying a checkbook can be annoying. It takes longer for you to see a transaction on you bank statement because paper checks take longer to clear.This delay can result in extra bank fees. With electronic checks you will only have to carry a debit card. It looks just like a credit card and fits easily into your wallet, pocket or purse. And your purchases will show up on your account almost immediately.
Because transactions are done online or with a debit card, you won't have to pay for ordering checks, nor will you have to buy stamps. Ordering paper checks can generate extra bank fees and will require you to pay for postage when mailing bills.
Always On Time
Electronic checks give you the ability to set up automatic payments. You never have to worry about checks being late. When using paper checks you have to make sure you send your checks prior to their due date to avoid late fees. Having to always keep track of due dates can be a hassle.