27 Jun How to Balance a Checkbook
We’re going to let you in on a secret: balancing your checkbook isn’t only for when you use checks. Although most people have stopped balancing their checkbooks because everything is online, it’s still beneficial to physically keep track of what you are spending so that you can see it everyday.
Balancing your checkbook is simple and it’s easy to do; you’ve just got to take the time to do it. With these 5 steps you’ll be an expert at balancing your checkbook in no time!
1. Use the check register.
That little black book you slide into your checkbook with your checks? It’s called a check register, and you can’t balance your checkbook without it. This is the most important item to use when you’re balancing your checkbook, so make sure you don’t lose it!
2. Write down what you spend.
This is where your check register comes into play. Every time you spend money, bring out that register and enter the information. There will be a slot for the date, the place you spent the money, the check number (if you did actually use a check), how much you spent, and your new balance in your account.
3. Double check your online bank account with your own records.
We’re human so we all make mistakes. It’s really important for you to make sure that your records match your bank’s records on a regular basis. If they don’t match and you think that you have more money than you do, you could get into trouble. You can’t fix a problem you don’t know you have so make that list and check it twice.
4. Fix any mistake.
Once you get that bank statement in the mail or when you get online, open it to run it against your own records. If you see any discrepancies, go through your checkbook to fix them. This step is extremely important, because you’ll be able to see if there is a charge that you know you didn’t make and report it to your bank.
5. Talk to your significant other.
This last step is only for those who share a bank account with your significant other. Make sure to communicate with each other about what you’re spending, especially if only one of you is balancing the checkbook. You don’t want any lines to get crossed when it comes to your finances so make sure that you let the other know what and where you are spending money.
Balancing a checkbook is a life skill that everyone needs to have. It is just one very important step to being both financially responsible and financially organized so get out that register and start balancing!