It has nothing to do with using or not using common sense. And I've been able to catch a number of issues doing so that have either impacted my budget or needed to be disputed. If you're using budgeting software, reconciling your accounts takes a couple of seconds. For example: Did some sketchy waiter change the amount of tip you left on your credit card slip? Did your cable bill payment not go through? Is your account balance about to dip dramatically because you forgot to account for that random check you wrote five weeks ago that hasn't been cashed yet? If you're just using Mint or your current account balance, all you know is what transactions have cleared, not if the amounts are correct or what's missing. It allows you to catch errors and true-up your balances.
#Balance a checkbook how to#
So, heres what well do: First, learn how to keep track of the additions and subtractions to your checking account in your 'checkbook register.' Second, learn how to 'reconcile' your checking account. But this is some math youve got to understand, unless you want to really mess up your checking account, and your credit. If you're serious about your finances and your budget, I actually highly recommend it. Okay, you may not like math any more than we do. No one I know does this with a pen and calculator in an actual check register. I do this on my computer in YNAB, but there's no reason you can't do it some other way.
I reconcile my accounts at least once or twice a month. "Balancing your checkbook" is just a way to reconcile your accounts. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.
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