Do You Still Need to Balance Your Checkbook?

Do You Still Need to Balance Your Checkbook?
  • Opening Intro -

    Due to the advent of mobile and online banking, few people keep the custom of balancing their checkbooks at the end of every month.

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For a long time, the only way to keep track of your money in the bank was through a thorough analysis of the paper account statement and matching all the cleared checks to the check register. Then you had to less all the uncleared checks and the remaining amount matched your balance in the check register.

Of course, the balance rarely happened. Mostly the amount of cleared items did not match your bank balance and it took a lot of time, energy, paper and calculators to find the errors. Due to the stress involved, statistics indicate that only less than 21% of people relied on balancing the checkbook. However, balancing the checkbook is a good habit to get involved in as it keeps you well conversant on how you are spending your money.

3 Reasons why you should still balance your checkbook

1. Banks make mistakes such as double posting a check such that the mount will be withdrawn twice for the same payment.

2. Checking every transactions in your bank account means that you will spot ID thefts and scams o the spot and the sooner a fraud is reported, the much likely it is that you will get your money back. Unfamiliar transactions, recurring deductions, forgotten expenditures are amongst the indicators of fraudulent activities.

3. If you withdraw more than is in your checking amount, you will be charged $35 or more.

Even when the bank balance is correct, you need a check register to track pending online checks, automatic debts and online money programs that are headed your way. If you manage it, balancing the check book can be a dull chore. Be sure to reward yourself amicably after the task is done.

Unlike the old days when people required paper, pencils, erasers, calculators and a lot of time to balance their check books, checkbooks can be reconciled much more easily today by the use of computer software, banking applications or even smart phone apps. However, a large number of people don’t take the time to reconcile and balance their accounts because they are busy with other activities that they consider top priority. Some have no idea of what a cash register is and none on how to use them.

There is much value in keeping your banking arithmetic right and in keeping an eye on what’s happening with your finances.

 
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Last update on 2019-06-29 / Affiliate links / Images from Amazon Product Advertising API

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Categories: Financial Planning