Home
>
Personal Finance
>
How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

Despite how easy it is to balance a checkbook, very few people take the time to do it and the few who do, don't always do it the right way. If you write down in your checkbook ledger what should be deducted and added, you are on the right track ? if not, start there and follow these nine easy steps to a balanced checkbook. Once you are comfortable with these nine steps, it is possible to balance your checkbook each month within 30-45 minutes.

9 Steps

Make sure that all deposits, withdrawals (maintenance fees, ATM fees, and automatic payments) are added and subtracted and calculate the balance as of the last transaction made.
Keep all check-card receipts, duplicate checks (or returned checks from the bank) and withdrawal slips until you sit down to balance your checkbook.
Mark an "x" in your checkbook by each transaction that has gone through the bank. It is easy to do once your statement arrives and you can put all checks in numerical order and easily check them off.
Do the same thing with any ATM withdrawals or check-card purchases.
Make any adjustments necessary to "true-up" your ledger and comparing deposit slips and purchases/withdrawals. *If you notice any discrepancies between your records and the bank's ? give your bank a call.
To calculate your balance write down your checkbook's current balance at the top of a piece of paper (normally the backside of your statement will have a worksheet to complete for this task).
Subtract any amounts for un-cleared deposits and bank fees such as monthly fees or for any insufficient funds charges.
Add any un-cleared checks and the interest you have earned to this figure.
Finally, compare the final figure that you have to your bank statement ? they should match.

With very little effort, it is easy to keep track of expenses and stay out of trouble with your bank. Balancing your checkbook is very important because you will avoid overdraft or insufficient funds fees due to bouncing checks because of not knowing your balance. In addition you will protect your credit and verify that your financial institution has made no mistakes. You'll also be able to keep better track of cash flow and manage your money with far fewer headaches and surprises.

If You Can't Get Your Checkbook to Balance; Try These Tips!

From time to time, everyone records something wrong or adds incorrectly ? and a few easy tricks make it easy to find that error.

Verify that the dollar amount of the items entered in your ledger matches with the dollar amount of the items on the bank statement.
Compare ledger and deposit slips with your statement.
If the error is a whole number, check your addition and subtraction again.
If the number is divisible by nine, you may have transposed figures ($63 recorded instead of $36).
If the balances still won't match up and you can't find the problem, make an appointment with your bank to figure out the problem. Most banks offer help complimentary or for a nominal fee.

Here are Some Helpful Hints to Stay in Balance

Review your returned checks from the bank regularly to ensure that you've entered in all transactions.
Enter the name of the payee and the amount in your ledger when you write your check instead of waiting until right before you balance it.
Place decimal points exactly where they should be to avoid calculation errors.
Keep all ATM, check-card or deposit/withdrawal receipts together until you are ready to balance your checkbook.

Robb Ksiazek is a successful author and publisher for returned checks from the bank. He has researched and written hundreds of articles and can simplify your online search by recommending merchants for the best value and selections in business or personal checks, address labels, rubber stamps and envelopes.

monthly home cleaning Buffalo Grove ..

In The News:

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.

Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.

Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.

Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.

How to Balance Your Checkbook ? Get a Calculator and Pencil and You are Ready To Go!

Personal Finance