Do you want to know why we have overdrawn our economy? Do you want to know why we must bail out our banks and our businessmen? Checkbooks. We have forgotten to balance our checkbooks.
When I say “checkbook” I am using a relative term for holding ourselves accountable for what we spend. We have gotten away from sitting down at the table and saying “I had this much money, now I can only spend this much.” While I believe the internet is a wonderful tool, on line banking is part of the cause for our laziness in our accountability.
Our society has become so electronically dependent, we no longer use cash, most places wont even accept a check, and we have forgotten how to budget and balance. It is much easier today to look online and see where you have money in your account and spend away. People tend to forget that they have outstanding charges and overdraw because they do not keep up with their balance.
Our banks today are in trouble because they encourage this behavior. They pay overdraft fees, charging another $25 to $28 dollars on top of each one to profit from our laziness. Because we have charges, we do not have enough money to pay our bills and we overdraw yet again. Or our banks lend us the money at $50 to $100 dollars a time and then slowly take that money out of our accounts in the months following. We don’t account for that money being taken out and spend the banks money, plus money we no longer have because the bank took it back.
Wake up People! Stop overdrawing your accounts. Keep a register, write down your expenses. Know who is taking your money and when. Stop playing arcade games with your debit and credit cards. If you cannot control your spending, use cash.