This month we're focusing on "Balancing Your Checkbook & Using Your Debit Card Wisely". While this may seem like an easy task, many of us tend to neglect our checking accounts due to the many electronic services now available. For this reason, we continue to spend and pay bills only to find that we’ve run out of cash before our next pay check is deposited.
So, what can you do to prevent this from happening? First and foremost, use the checkbook register that was included with your check order. If you've lost or misplaced your register, request a new one immediately! Start by writing everything in your register: checks, withdrawals, deposits, ATM and debit card transactions. Make sure you write all ATM and debit card transactions immediately or as soon as time allows. Taking time to write things down will help you maintain an organized checking account.
Most importantly it will prevent overspending which may cause you to be charged with fees caused by insufficient funds. Additionally, a well documented checking account can help you identify fraudulent activity. Learning to make balancing your checkbook a priority will help you develop better money habits and make it easier to manage your monthly budget. For more information on managing your checkbook, complete our Checking Account module and quiz! Let us know some of you best tips on managing your checkbook.
I write everything down in my checkbook as soon as I spend (swipe my debit card, write a check, withdraw, or transfer) and when the money clears the account, I highlight the entry. It makes it easy to see in a glance what has gone through and what is still pending.
Posted by: Courtney | May 14, 2009 at 03:40 PM
Courtney, thanks for the highlighting idea! That's much better than using red ink or putting check marks after each item clears. I can see how something as simple as a highlighter can make it easier to track unpaid items.
Posted by: Tina | May 29, 2009 at 03:20 PM