I saw a TV commercial recently that portrayed a young couple, seemingly with dual incomes, raving about their ability to cash their paychecks at Wal-Mart.  This was wrong on so many levels.  My first thought was:

Don’t they have a bank account?

My second thought was:

If they do have a bank account, why aren’t they taking advantage of direct deposit?

Of course!  It finally dawned on me.  They didn’t have a bank account!  But they could still buy inexpensive, foreign-made stuff at Wal-Mart.  What a country!  Who needs to plan for the future anyway?  Consumption is all about now.  Living in the moment.  Besides, Wal-Mart only charges a $3 maximum per paycheck, and you can load the check value onto a Wal-Mart MoneyCard.  Just head to the nearest register.  How convenient!  Don’t forget the overdraft fees when the money runs out.

A fool and his money…

So, Wal-Mart has made conspicuous consumption even easier.  I don’t know about you, but my paycheck has to cover other expenses, too.  Sundry items, like electricity, heat, and gasoline.  Car insurance.  Property taxes.  I wonder how the couple will pay for those items.  A Wal-Mart Visa Card, perhaps?  Looks like it’s time for…

…An Intervention

Someone should grab that couple and shake them.  Drag them down to the nearest bank and have them open a checking account.  Set them up for direct deposit.  Have them allocate a portion of their earnings to an automated savings account.  Buy them a copy of Your Money or Your Life:

Apparently, Wal-Mart has exploited a certain niche of its customers.  It must have taken some soul-searching to greenlight this scheme.  What’s the next step in this natural evolution?  Payday loans?

Hopefully, the couple will come upon a Dave Ramsey book while they’re blowing their paycheck.  Maybe they’ll even buy it.  I hear those Wal-Mart MoneyCards are so convenient.

• The Economics of Lawn Care pfala I'm not an envious person.  When someone experiences some good fortune, I'm genuinely happy for them.  I compliment people if they have nice stuff, or if their houses look nice.  But I think that my neighbor, The Lawn Freak, has finally gone overboard. What the heck is THAT......
• Summer Jobs Don't Have to Suck rappensuncle We're approaching that time where high school and college students are looking for or starting their summer jobs.  Many of these can be considered "dead end" jobs, as they have no relation to the student's field of study.  They exist merely to pay for books, trips to the movies,......
• Barbaric Links: Debt Edition I read a lot of good posts this week regarding debt.  Here are some of my favorite posts on this topic: Kevin at No Debt Plan shares his frustrating lunch encounter; Credit Card Watch prepares to save money with 0% APR credit cards; FiveCentNickel hears ironic debt advice on his......
• Self-Reliance Series #2: An Office Survival Kit Photo by  96dpi This is Part 2 of my self-reliance series.  I talked about my Personal Survival Kit in Part 1.  This post will not address the best anti-virus software, how to overclock your computer, or how to climb the corporate ladder.  I like to be able to take......
• Credit Card Interest: The Terminator Photo by southtyrolean "Listen, and understand. That terminator is out there. It can't be bargained with. It can't be reasoned with. It doesn't feel pity, or remorse, or fear. And it absolutely will not stop, ever, until you are dead." - Kyle Reese, from The Terminator Just replace "terminator"......

• Different Types of Short Term Investments Short term investments are the most ideal form of investing if you want to invest over a period that is relatively short. Cash manager accounts make it possible to access your money whenever you need to. Fixed term deposit investments secure your money for the entire length of the term.......
• OK -- a Wal-Mart post! I've seen threads a mile long in misc.consumers.frugal-living debating Wal-Mart, so I might be embroiling myself in a big argument. I saw a Reuters article on MSN called "Wal-Mart lowers costs at a price: studies". The article reports on a Wal-Mart-sponsored conference that examined its effect on the US economy.......
• Weakon 217: FDIC Insurance    What is FDIC Insurance and how does it work?  Why do my tax dollars pay for FDIC Insurance? FDIC stands for Federal Deposit Insurance Corporation.  It was formed in 1933 by the Glass-Steagall Act.  Don't confuse corporation though, you won't find them on the New-York Stock Exchange.  They......
• Wal-Mart Does Not Pay A Dime To Baggers In Mexico - Tips Only. Lovely lovely story....seems Wal-Mart does not pay any of its teenage baggers in Mexico any money to work there, they work for tips only. Sure, it's legal down there, but still...from MSNBC: "Wal-Mart prides itself on cutting costs at home and abroad, and its Mexican operations are no exception. That......
• Lending Club Signup Bonus: Cash Bonus For New Investor Accounts Equals Free Money! Peer To Peer Lending Is Legitimate I first heard about Lending Club and the whole peer to peer lending movement earlier this year when other bloggers were constantly writing about the program. At the time I dismissed the whole concept because I was thinking that it was a high risk......