There are plenty of ways to spend that hard-earned money of yours. We’re not talking about what you spend it on, but rather, the way you choose to pay for things. We’re going to examine several ways to pay for things so that you can make the best decision about which is right for you:

Cash ­ If you have it and spend it, whatever you buy is paid for up front, so you don’t have to worry about paying for it later. Unfortunately you may not have enough on hand to purchase an expensive item.

Checking Accounts ­ You have a record of your purchase in the exact amount you spent, but if you are mailing in a payment by check, it may take a while to reach its destination. If you’re in a hurry, checks may take a few minutes to fill out and process at some stores. And checking accounts usually have fees.

Debit Cards ­ They work just like a checking account without having to fill anything out and they won’t let you spend more than you have. But, if you don’t record each transaction you make, you may end up thinking you have more money in your account than you really do. Also, spending in small amounts can add up quickly and drain your account. Bonus ­ many debit cards work like ATM cards allowing you to withdraw cash from your account when you need it.

Credit Cards ­ Using credit is the same as borrowing money for each purchase. You can purchase large items if you don’t have the cash, use credit for emergencies, and they are a great method for recording your purchases. Be careful of high interest rates and hidden fees!

Money Orders ­ Money orders are an insured form of cash. Use these to guarantee payment of something. You must pay the amount of the money order up front, so no worries about it later. There is normally a fee charged for each one, so you may find it is actually cheaper to open a checking account, depending on how many money orders you get each month.

Electronic Fund Transfers ­ Funds are available almost immediately in your account. Sometimes they don’t appear on time, so make sure the money is there before you go out spending it.

Payment Services ­ This helpful service pays your bills for you from a specific account you designate, but it takes a lot of trust. You must rely on these services to get your payments where they need to be on time. These services have monthly fees or a fee per transaction.

Barter- Sometimes you can “trade” goods or services with businesses or individuals through a barter network in your community.