According to StatisticBrain.com, teens spend more than $258 billion annually, yet many young adults enter college without any practical financial guidance or accountability. It’s now more important than ever for young adults to arm themselves with information on how to manage their money. And that’s why it is also important to educate students about their most important personal financial tool: the checking account.
Thirty years ago, trying to spend more money than you had wasn't just embarrassing; it was a scandal. Since checks didn't process instantly, a shopkeeper would have no way of knowing until days after the purchase. Writing one bad check would cost you check-writing privileges at that establishment and possibly land your likeness on a "wall of shame."