Personal finance is a reality for most adults. Unless you living a cashless life off of the grace of friends and family, at some point you need to learn how to effectively manage your cash flow. Essentially, that is all that personal finance is about: making good decisions regarding how you earn, safely keep, spend, and invest your cash for your own maximum benefit.
Most people take it for granted that having a checking account should be a natural part of anybody's personal financial plan. After all, with an account, you can do a host of things not otherwise possible, including: writing checks, using an ATM machine, using debit and credit cards to make purchases, and conducting online banking.
Still, some people resist going to the trouble of applying for a checking account. Or, maybe they have applied for an account in the past but have been rejected. Either way, sometimes you just may want to find other options.
If you are looking for personal finance options other than checking accounts, here are 3 options:
1. Open a savings account:
At most banks, a savings account can be easier to qualify for than a checking account. And, with a savings account you will have the opportunity to earn some interest on your deposited cash. However, you will not be able to write checks or use a debit or credit card connected to the account. Still, this option beats keeping your money under your mattress!
2. Use a pre-paid debit card or gift card for daily purchases:
If you do not have an account, you likely do not have credit cards, either. For this reason, consider buying pre-paid debit (gift) cards. These cards sport the Visa, MasterCard or American Express logo. But, to qualify, you do not need to have your credit checked. You just pre-pay for the amount you need - and then use the card like a credit card at any of the millions of locations where they are accepted.
3. Use check-cashing services to cash your checks:
Finally, if your employer or others pay you in checks, consider getting them cashed at check-cashing services. You will pay a hefty fee, but at least you can cash your checks without having checking through your bank.
Important: if you have been rejected for a checking account in the past, you should try applying for an account with a second chance checking bank. These banks do not perform the "bank customer credit check" the most other banks do when processing account applications. This means that just about anybody can qualify for a checking account at these banks.
Consider these 3 options other than checking accounts.
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