BALANCING A CHECKBOOK
The skill of balancing your checkbook helps you to control your spending as well as let you know where your money is going. This in turn helps you to avoid overspending and being charged extra fees.
Follow these guidelines frequently to make balancing your checkbook easier and help you reach your budget goals.
Every Day
Make a habit of carrying your checkbook with you when you shop. Record every purchase in your checkbook register and keep all the receipts.
When you get home, place the receipts in a secure location.
Every Week
Set aside a specific time each week to balance your checkbook. During this time, be sure you've organized all receipts and bills
in box or binder and recorded all purchases in your checkbook.
Every Two Weeks
Compare your total in your checkbook with the amount you have in your bank account. Make sure all expenses and deposits have been successfully recorded
to avoid overspending.
Every Month
Compare your checkbook with your bank statement. Record any missing purchases and follow up with any unknown transactions. Contact your financial institution
or the company who charged you if needed. Discard any unneeded receipts (grocery, gas, etc) and file important receipts and bills.
Remember, part of balancing a checkbook is keeping an accurate budget so you know how much you can afford to spend each month.
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