6 How you spend your money can be just as important as how much you spend, and what you spend it on. Let’s look at some different ways that you can pay for things, starting with the most popular—debit cards. Ways to Pay If you have a checking account, you can get a debit card. When you use a debit card to make a purchase or get cash from an ATM, the money is automatically deducted from your checking account. There are some definite advantages to using a debit card. There are no in- terest charges, no end of the month bill to pay, and debit cards are relatively easy to obtain. One thing to remember though—if you don’t have enough money in your checking account to cover thecostofapurchase,yourcardmaybedeclined.Or you may find that you have an overdraft fee on your next statement. So, that $3 sandwich you charged may end up costing you an extra $35. Also important to note, a debit card does not help you build your credit history. (More on this later.) More young people use debit cards Most students and young adults today use a debit card instead of a credit card, in part because of a law that was passed in 2009. Thislawstatesthatpeopleunder21cannothavetheirowncredit card unless they earn an income, have a co-signer on the card (usually a parent), or are an authorized user on a parent’s card. Debit Cards