Here are some tips to help you understand how to balance your checking account
and why it’s so important.
Anytime you make a purchase using a check or debit card, in addition to any
deposits made to the account, you will want to record this transaction in your
check register. (It’s best to start balancing your checkbook when you
first open the account, but it’s never too late to get organized!) Below is an
example of how you can record and reconcile your checkbook.
Balancing your checkbook can be a tedious task, but can be one of the most
effective ways to maintain your budget. It’s recommended that you record every
transaction in your register right away, then depending on your financial
situation, you may want to cross-reference what you see to be your balance
against what you see on either your mobile banking or in your monthly paper
statements. Not only will balancing your checkbook give you quick access to
know what payments have and have not posted to your account, but you also have
a reference when you want to look at how you are spending your money throughout
In addition to utilizing the hard copy check register, there are many online
apps that can help you manage and maintain your budget, such as everydollar.com
and mint.com. When using these offline and online components in tandem, you
will always have a good gauge of where your finances are.