Today, there are several ways to pay for the things we buy: cash, checks, debit cards and credit cards. Each way to pay has advantages and disadvantages.

Cash. It's accepted almost everywhere! And kids usually have access to cash rather than a credit card or checks. But you don't want to carry a large amount of cash, because it could get lost or stolen. Plus, if you have a large amount of cash, that means it won't be earning money for you in a bank account. If you're going to buy something that costs a lot of money, it's best to take an adult with you so that they can pay with a credit card or a check. Just pay back in cash the amount you owe.

Checks. A check represents money you have in a checking account at the bank. Checks are convenient, because you don't have to carry a lot of cash. Also, sending a check in the U.S. mail is safer than sending cash. When it's lost, a check can be replaced, while cash cannot. In order to pay by check, you must have a "checking account" at a bank. Find out from your bank how old you must be to open a checking account.

Debit card. Using a debit card is much like writing a check. The money you're spending is taken out of your bank account. The clerk in the store where you're shopping simply swipes your debit card through a machine and asks you to punch in your secret number. You must then subtract the amount of your purchase from your checking account.

Credit card. A credit card looks like a debit card, but it works differently. When you buy things with a credit card you don't have to pay right away. When your bill comes in the mail, you must pay for the things you bought. If you don't pay your entire bill, the credit card company will charge you interest. You could end up paying more for what you bought. A credit card is a useful way to pay for things you buy on the Internet or through the mail or a catalog.

Before you buy, consider the advantages and disadvantages of each of today's ways to pay!