In today’s day age online banking has made it quite simple to keep track of your finances. However, keeping a record outside of the online data base is your best bet for maintaining true financial responsibility.

Keep reading below to learn how to balance a checkbook.

What Is a Checkbook Register

A checkbook register is an easy way to check your transaction history and remaining balance. It is kept in the bank of the checkbook and was easy to just write the total down in the checkbook register and add it up.

While old school balancing a checkbook or keeping a physical ledger is essential for proper money management.

Actively tracking what is spent versus what is earned can do wonders for staying on a budget and managing money efficiently.

How To Balance Your Checkbook

1. Write Down Financial Activity
   • The first step is to log the amount in the register and deduct it from the current total.
   • Add what was deposited into the account to the balance. Spend/deposit, log and repeat.
   • Make sure to account for miscellaneous charges such as ATM withdrawal fees or a monthly subscription service you may have forgotten about.
2. Check Your Bank Log 
   • Before online banking, as mentioned previously, consumers had to wait for a banking statement at the end of each month to compare against the check register. With online banking, the wait has been eliminated.
   • The balance in the register can be instantly checked against what the app is reporting.
3. Understanding the Outstanding
   • As much as online banking has given in the form of time, the reality is there is still a lag between when money enters or exits an account.
4. Balancing the Account
   • If the online balance do not match your physical records going back and seeing if you or the bank have made an error.
   • Balancing your checkbook, and having an easily accessible list of charges you’ve made, can aid in finding fraud charges before they do any damage.

Mistakes When Balancing Your Checkbook

Not only can fees be incurred by the account holder, but merchants can create them, too. Human error and processing fees can occur, which can be charged to the purchaser’s account.

One slight surprise in bookkeeping could cause a ripple effect if sufficient funds are not available beyond the price of the original transaction.

Author’s Verdict

Whenever you choose to open a new savings account, the rate is important, but so are other features. Be sure to factor in fees, minimum balances required to earn interest, and access to customer support.

Hopefully the above information helps you understand whether or not you should pursue a higher yield savings account.

Also be sure to check out our own lists of bank promotions and CD tables!

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