Money Management In Today's Society

             Money Management in Today’s Society
             Many people, young and old alike have no clue what money management is. They are lacking in the knowledge desperately needed in today’s age on this subject. What are the reasons for not knowing this important information? Some could blame it on either the parents or the school systems. Yes, it could be the school systems not teaching basic money management skills in a fundamental class like math, but maybe the school systems don’t have the funding for the programs. Yes, maybe the parents did have some influence on not teaching their children about money management, but it could have been that the parents themselves do not know the skills. No matter who is to blame, this has become a severe problem in our country today, which affects everyone. One of the main reasons for debt in this country is lack of or poor money management skills; some of these are: balancing a checkbook, maintaining a good credit score, or managing credit.
             In today’s society a person almost cannot get by without having a checking account, even if it is just to cash a weekly paycheck. Banks and their services have become a part of everyday life. With a checking account comes the responsibility of being able to balance it. Statistics show that 43 percent of the public don’t regularly balance their checkbooks (McCune NA) and not regularly balancing a checkbook can lead to huge fees, the average being $25.80 each (Bruce NA). Those that are knowingly writing bad checks are increasing the bank fees and versatility that comes with having a checking account. Today the penalties for writing a bad check are not just the bank fees, most merchants charge a returned check charge on average of $20 and depending on the state laws, a person could be charged with fraud and have to go to court. For example, a person bounces a $20.00 check, the bank in turn charges a non-sufficient funds fee of $25.00 and the merchant charges ...

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