Back in 2009 the UK Payments Council, the organisation which sets the strategy for UK payments, announced that the good old-fashioned cheque would be phased out by 2018, but now it seems to be having second thoughts. Chairman Richard North now says that a decision on whether or not to scrap the cheque will be delayed until 2016 at the earliest.

I’m not sure I would miss it much myself, because I don’t write more than one or two cheques a year these days, but its demise is feared by some people, notable the elderly and by charities. There are concerns that some older people, who have spent most of a lifetime relying on the cheque book to manage their finances, may resort to using cash instead, putting themselves at risk of loss or theft of their money. Charities are worried because many of them depend on the cheque as their main source of income from donors.

The cheque is a paper-based payment method which has been around for many hundreds of years, although there seems to be some dispute as to its exact origins.

According to the website of the Cheque and Credit Clearing Company, its roots lie in 13th century Venice, then an important centre of international trade, with the need to find a method of paying for large amount of valuable goods without resorting to dealing in huge and cumbersome quantities of gold or silver. Wikipedia cites some even more ancient origins, including an early form of cheque known as praescriptiones, used by the ancient Romans in the 1st century BC, and the Adesha, a type of bill of exchange used in India during the Mauryan period (321 to 185 BC).

The first cheque ever written in the UK was issued by Nicholas Vanacker over 350 years ago, instructing Messrs Morris and Clayton to pay £400 to Mr. Deboe.

Famous cheque users include Terry Wogan, whose infamous Blankety Blank Cheque Book and Pen was the highlight of British prime-time TV viewing throughout the 1980s. And who could forget the scene in ‘Slumdog Millionaire’ where Jamal receives the giant cheque for one Million rupees on the Indian version of ‘Who Wants to be a Millionaire?’

So is this the end for the cheque as we know and love it? Many small businesses are praying that it is not the end, as they still receive cheques in payment for the bulk of their transactions.

In a recent House of Commons evidence session, Treasury Select Committee Chairman Andrew Tyrie described the announcement as “colossal error of judgement”. Conservative MP David Ruffley accused the Payments Council of ‘rank incompetence’ over the issue. After receiving more than 1,200 letters on the subject, the Treasury committee has reopened its inquiry into plans to phase out cheques.

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Types of Mortgage loan:
• Fixed Rate Mortgage
• The Adjustable Rate Mortgage (ARM)
• Interest Only Mortgage
• Biweekly Mortgage
• Two Step Mortgage
• Federal Housing Authority (FHA) Mortgage
• Veterans Affairs Loan

Associated Benefits
Many benefits are associated with mortgage loan. Refer below benefits.
Flexibility of Interest Rates.

The first and most important benefit associated with mortgage loan is flexibility of interest rates. The interest rates can be fixed for the life of the loan or can be flexible at some period. You can modify both the amount and frequency of payments.

Variety of Payment Modes

Another important benefit of Mortgage loan is that you can repay the loan in various ways. Loan repayment may depend on your locality, tax laws and prevailing culture. Generally, borrower use to make regular payments of the capital. This is known as (self) amortization in the U.S. and repayment mortgage in the UK.

Tax Benefit

You can also avail tax benefit on monthly payments of your mortgage loan. Entire monthly payment of loan is tax deductible. Rate of interest on mortgage loans is lower that can save your money.

Convenience of Payment

Yet another benefit of Mortgage loan is that convenience of payment. Payment can be with fixed rate or ARM’s which makes it easier for you to manage your funds and loan payment.

Invest the money elsewhere

Instead of using your whole cash in loan payment, you can fix some amount for loan payment and rest amount can be invested in some other vehicles such as stocks and mutual funds to generate better returns.

At the time of finalizing the loan, just keep it in mind that your annual upkeep of property (mortgage payments, utilities, insurance etc.) should not be more than 30% of gross annual income.

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Here are some ways on how you and your partner can make the ‘financial aspect’ of your marriage harmonious and organized:

1. Understand the way that you both look at money.

If you and your spouse have different beliefs when it comes to money matters, sit down and discuss it. The key here is to be able to compromise. For some people, money is a security measure that needs to be saved. Other people spend it luxuriously and look at spending money as a means to reward themselves for their work. Still, other people are very thrifty that they hardly ever spend a cent of what they have earned.

Understand that the way that you both treat and spend money stems from how you were brought up by your parents. Think of everything that you need to discuss when it comes to your household budget. If possible, set rules on how you will spend your combined income on utility bills, food, mortgage, car maintenance, etc.

2. Set future financial goals.

If you are newly weds and you are planning to have a baby soon, consider this when organizing your finances. If you are a couple nearing the age of retirement, you can make plans on where you will spend your leisure years. Setting long-term and short-term goals will help you finalize your financial plans.

3. Share your money-saving skills with your partner.

If you have different family backgrounds, then you would have something to contribute towards organizing your joints assets. Make each other aware of your personal finances then think of ways on how you can further boost your money-handling tactics.

By following these tips, you will surely have your finances organized to lead a more comfortable lifestyle.

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The main advantage of using a debit card is that you don’t have to be afraid of overspending. You can only spend as much as you load. This puts a leash on your debt problems. You can even hold a number of credit cards. Another advantage is that you don’t require a good credit score. You can apply for this debit card despite not having a credible credit history. It can be used as any other regular card.

Some prepaid debt cards now offer a great service. They report your transactions to the credit bureaus which are evidence of your clever management of money. This will add to your credit score in the long run. You can also do this without help from your debit card. After loading considerable amounts to your debit card, you will get to know your limit and your spending capacity. This will help you to get a hold over yourself before swiping the card. You will think twice before making big purchases. In this way, you can better manage your financial resources. The skills you learn will help you to become a better person in every sense of the term.

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