Tracking your withdrawals and deposits also puts you in a great position to start budgeting. By taking just a few minutes to look at your transactions, you can prevent lots of potential headaches. Late payments, incorrect charges, and especially fraud can all put a damper on your finances. At its core, it's just about being aware of where your money goes. Bottom lineīalancing a checkbook is pretty simple. Once you get a hang of it, it'll probably take less than 15 minutes at the end of the month. Plus, you'll be able to catch any mistakes or sketchy activity before the situation gets out of hand. It's a great way to understand where your money goes. Get into the habit of reconciling your account with every bank statement.
#Balance checkbook how to#
Up next, find out how to reconcile your account the modern way. Ensure stores and restaurants charge you correctlyīalancing a checkbook doesn't have to involve pen and paper.Recording your transactions and regularly comparing them against bank statements helps with a host of modern problems: But the fundamental concept of keeping tabs on your checking account is still as important as ever. The old-school method of filling out a checkbook register isn't for everyone. Checks take some time to clear, so there was a chance you thought you had more money in the bank than you actually did.īut how often do you need to write a check today? Is balancing your checkbook still relevant? Repeat Every Month Why should I balance my checkbook?īack when checks were really common, balancing a checkbook was crucial.
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