![checkbook register app checkbook register app](https://asoftclick.com/wp-content/uploads/2021/09/Balance-My-Checkbook.jpg)
Why? When you balance your checking account, you’re just keeping track of what already happened to your money. Okay, here’s the deal: Balancing your checkbook is great-but it’s not enough if you want to really take control of your money. But if you’ll log in to your bank at least once a week, you’ll give yourself way less chance of letting any transactions slip past you (which helps you avoid those overdraft fees we mentioned earlier!). Some people wait until the monthly statement comes from the bank to balance their checkbook. Then you’ve got to do some math to make sure your balance is up to date! Step 5: Repeat If you realized in Step 3 that you missed some transactions, you need to add them in now. Make sure every transaction on the statement is also in your register (or spreadsheet), even pending payments.
![checkbook register app checkbook register app](http://img.youtube.com/vi/3RI6r0n8Gog/0.jpg)
Next, you need to open your checking account statement-either the paper copy in the mail, the emailed version, or the online view when you log in to your bank. Step 2: Open Your Checking Account Statement Why? Keeping an up-to-date balance is one of the ways you keep your money from getting away from you. Just make sure you don’t let days go by before you get in your account. Others collect receipts to log them in later. Some people write down transactions the second they happen. Here’s how you do it in five basic steps:īudget better with Ramsey+. And, hey, at least balancing your checkbook isn’t a disgusting chore. Listen, this process isn’t glamorous, but neither is cleaning your bathroom. We’re human.)Īnd-here’s a big one-balancing your checkbook is a way to catch identity theft because you’ll see any odd charges as you’re balancing. Or you might catch where you made an error writing down a payment or deposit.
![checkbook register app checkbook register app](https://images-na.ssl-images-amazon.com/images/I/71iMQ50TPDL.png)
You can also catch any mistakes early when you stay on top of your account, like the if the bank made an error or a business charged you the wrong amount. And if you aren’t tracking all your spending and income, you’re risking of dangerous overdraft fees. Why Should You Balance Your Checkbook?īalancing your checkbook is a way to keep up with your transactions. What Does It Mean to Balance Your Checking Account?īalancing your checking account or checkbook, also called reconciling your account, is when you make sure the records you’ve kept for all your spending and income match what the bank says on your physical or online statement. But keeping up with your spending and income is a must, and that’s exactly what balancing your checkbook does! So, let’s break down the what, why and how. Let’s be honest, balancing your checking account-aka balancing your checkbook-probably isn’t on your list of fun activities.