Balancing Your Checkbook

Good evening students,

Almost everyone has a checking account. If you bank online it is still important to learn how to balance your checkbook. It is easy and it only takes couple minutes every month. It teaches you good money habits in the long run. Balancing your checkbook means writing down every transaction as it occurs. Make sure to include any fees, such as, ATM fees. You record these transactions in your check register. You will know current bank account balance. This was helpful before online banking. I can already hear you saying,"What is the point of this when I can check my balance instantaneously?" The reason is banks make mistakes. This is a known fact. You want to make sure your register matches your monthly bank statement. If it does not, you can either go to the bank or reconcile it online.

Example of what balancing a checkbook looks like.

Five steps to a balanced account

1.  Enter all transactions into your checkbook register each day.
2. Review your account statement as soon as it arrives. Compare the monthly statement to your checkbook register, and place a check mark next to all of the items that match.
3. Adjust your checkbook register if necessary. 
1. Add or subtract items on your register that appear on your statement but were overlooked when filling in your register.
4. If you find errors, double-check everything.
5. You are done when your register balance matches your bank statement. 

Best of luck,

Zahra

Work Cited 

Balancing and Budgeting — Balancing Your Checkbook. (n.d.). Retrieved October 13, 2015, from http://www.capitalone.com/financial-education/money-basics/balancing-budget/balance-your-checkbook