It is wise for all girls before they have homes of their own to keep account of their own small incomes. In many families daughters are given money for clothing and daily expenses. Some such system of keeping accounts as the above can be used. It is astonishing in examining accounts
for clothing, to see how few maintain a correct balance. One girl found, by keeping accounts, that she spent entirely too much for hats and gloves and did not have the proper underwear to protect her body and maintain the correct temperature for health. Accounts help us to determine whether our methods of living measure up to the ideals or standards of life which we have established in order to live rightly.
Methods of payment.—Payment is either immediate, known as “spot cash,” or deferred. If deferred, the articles purchased are charged by the dealer, and a bill rendered the first of each month. When a charge account is opened, a good business reference must be given. According to another system, articles may be paid for in installments,—that is, so much each month, according to some agreement. Of this method it may be said that it is unsafe, or at least unwise, always. Remember that more is always paid in the end.
In either case the payment may be made in bills, specie, or by checks; although in ordinary shopping immediate payment is usually made in bills and specie.
The advantage of immediate payment is that the buyer spends only what she has, and does not count on future money. This method of payment enables one to keep the balance well in hand. It necessitates, however, keeping bills and specie in the house, and in one’s pocketbook, with the possibility of theft or loss; and cash payment takes more time in the shop, with the long wait for change. Sending “collect on delivery” (C.O.D.) is a way of making cash payment and saving time at the shop. Be sure that in this case there is the exact change at home, and some one ready to receive the goods.
Charging goods makes for economy of time. If you can
remember that an article charged means money spent, this is a safe plan. One careful buyer says that she is too optimistic to have a charge account; too sure that while she has not cash enough to-day for something that she wants, she will surely have it by the first of next month.
There is another method of payment introduced by a few large department stores. The firm requires a monthly deposit at the first of each month and charges up purchases against this. This is good in so far that the customer is spending money that he really has, but it restricts purchases to that one shop, and this is inadvisable in the case of a small income.
The bank account and check book.—Whether payment is immediate or deferred, payment by check is a great convenience. It saves time and is also a record of money paid.
Select a bank, conveniently located, and recommended by a conservative business man. Take to the bank a letter of introduction, with the sum for deposit. The bank will record your signature, and give you a bank book in which is recorded the amount deposited. A check book will be given you that contains blank checks, and provides for keeping account of deposits and checks drawn. Each check has to be filled in, and signed with your name exactly as recorded at the bank, when you make a payment. This must be recorded in the proper place when the check is made out, stating date, amount, and payee. The sums paid out are added, usually for every three checks, and this sum deducted from the deposit, and the balance carried forward. In this way you may always know your balance in the bank, provided you are accurate. Great care must be taken to fill in the blank spaces correctly so that the check cannot be easily altered by any one.