Balancing your checkbook

[lazygood4nothinbum]

i've written 13 checks since 2005. yet still it doesn't balance.

 

[happy2bretired]

I balance mine since I sometimes don't remember to enter my debit purchases into Quicken and find it on my monthly statement or during my inbetween statement reviews (online). I do tend to have quit a few low dollar purchases each month and I can get a little haphazard in recording those numerous transactions in Quicken. So, I like to make sure they are all recorded when I manually reconcile with Quicken monthly. I do try to stay within my monthly budget and keep about a months worth of cash in my checking account. So my balance can get pretty slim by the months end.


My local garbage hauler and lawn mower are too small for credit card transactions. The plumber that did a repair the other day wanted a check...so I gave him one. I have most utilities paid automatically from my checking account and those are automatically recorded in Quicken BEFORE they are due so I won't spend the $$ before they are paid. My balance only would not help me with that. I write very few checks but I must for some things.

 

[TromboneAl]

I'd say the main benefits are:

1. Tells you if you've forgotten any checks
2. Tells you if you've recorded any checks incorrectly
3. Catches bank errors.

Now, here's a question: How many of you balance your money market account, or other non-standard account for which you have checks?

 

[TromboneAl]

My local garbage hauler and lawn mower are too small for credit card transactions.

You have to pay your lawn mower?

 

[happy2bretired]

Phltttt! Yep...

 

[growing_older]

I used to balance my checkbook regularly and couldn't understand why some folks didn't. But I've got most finances automated now with automatic transfers and online bill paying, so I rarely write checks. Those that I do write are shown on the same online account displays that I check regularly, so I guess that is the equivalent in the electronic transfer world. I haven't carried my checkbook for a long long time and expect that the few reasons I still have for writing checks will slowly go away.

 

[Helena]

I seldom write checks, but when I do I subtract it immediately from the previous balance
and periodically compare my balance with the bank's.

 

[Independent]

I always figured the "objective" benefit of balancing a checkbook is that you are managing your balance to be as low as possible. There are other places to put your money that credit more interest.

 

[figner]

I've never balanced my checkbook and haven't ever seen a reason to(or to ever carry it around). I rarely write checks and like keeping enough in my checking to not really worry about it. i.e. just keep a running balance of around ~$1000-1500

ditto. I record each check in my register, but they are so few it's it's easy to look online whether they cleared every few weeks.

 

[Kwirk]

I check my balance daily by removing my socks while standing.

 

[bbbamI]

I've dealt with other people's money during my working days. You bet I balance my checkbook...each month to the penny.

 

[Nords]

I’m constantly amazed at the number of people who tell me that they either don’t know how to balance their checkbook or don’t bother to do it. I’ve met very intelligent people with Master’s Degrees who don’t even balance their checkbook. I don’t want to be judgmental (I’m far from perfect), but what does this tell us about the state of Americans? I mean, if they don’t balance their checkbook, how can they ever do other more complicated things like control spending, invest in stocks/mutual funds, or plan for retirement?

I also know how to "dial a phone", "play a record", and start up an S3G Core 3 naval nuclear reactor. None of those skills are relevant anymore either.

As for the more complicated finances, automated checkbook balancing frees up the time in their lives to learn how. Saves a lot of time finding our own math errors, too.

Now, here's a question: How many of you balance your money market account, or other non-standard account for which you have checks?

Uhm, no. I spend most of my time trying to figure out how not to use the checks in the first place.

 

[RetiredGypsy]

I think I saw a checkbook in a museum in San Francisco once.

 

[aaronc879]

Even though I don't really need to balance my checkbook anymore because I can just look online, I actually like to do it. It's fun for me(I know, i'm sick, I need help).

 

[Walt34]

I've always balanced it, even before Quicken. Did it on the "fill in the blanks" form on the back of the statement, and once ran the balance down to two cents. The only time I ever bounced a check was when married to the ex, who belonged to the "I still have checks...." school of thought.

I still write checks for the utilities, groceries, etc. It's just easier for me.

 

[HFWR]

I don't write but two or three checks a year, but still keep a check register, and reconcile it online every week or two, since some utilities and my cc ballances are paid via electronic funds transfer.

I still "play records" occasionally, though I'm converting them to mp3. And I converted my nucular reactor into an atomic bong...

 

[youbet]

Even though I don't really need to balance my checkbook anymore because I can just look online, I actually like to do it. It's fun for me(I know, i'm sick, I need help).

Same here. Check book gets balanced by DW every month. She also writes checks to pay utilities, the credit card bill and a few other things.

I've found that subtly structuring our methods of payment for items I thought she needed better visibility on and then asking her to help by actually doing the check writing and checkbook balancing chores to be helpful in enhancing her interest. When I had these payments automated and tried to sit her down at the computer and show her what we were spending, I got negative (understatement!) results. By having her write checks and balance the checkbook, she seems involved and interested and even challenges me on why the electric bill is so high during air conditioning season, etc.

Manipulative? Well, maybe. But why go face-to-face on budget related issues (always resulting in me regretting bringing it up) when I can get her involved in a way that controlling costs seems like her own idea.......which I give her all the credit for!

 

[TromboneAl]

I have to admit that balancing the checkbook back in the pre-Quicken days, when we wrote a lot of checks, was difficult. I remember struggling to figure out why it was off, and saying "this is not rocket science -- why is it so hard?"

Quicken tries to throw me off my matching the 12 cent interest payment to an old interest payment, but it generally balances the first time.

 

[Sue J]

I keep a check register and reconcile to the online banking site. I do this often because I enjoy it! But I hardly write any checks any more. It's all debit card transactions and online payments. I like to keep tabs on it because my husband and I both carry the debit cards and even though he's gotten much better about leaving me the receipts occasionally one of us forgets to record a transaction.

 

[ziggy29]

I tend to balance my checking accounts on Quicken about once a week against the online registers at the financial institutions I use -- and I also enter the credit card purchases at that time as well, so I can account for that money as "gone".

 

[cute fuzzy bunny]

After many years of balancing, I always came up with the same number the bank had and when there was a discrepancy, its because I made a mistake.

So after all that, I decided that time could be better spent elsewhere. Whatever they say they have is what I have. I generally write a check or two a month tops and I know what those are and see when they're cashed. Should someone decide to not cash a check I write them, i'm pretty okay with that.

Almost everything gets charged to my penfed visa card and thats autopaid from my vanguard prime MM account every month. Pretty hands off.

 

[jclarksnakes]

We write as few checks as possible. We used to write a bunch of them but times are changing. Perhaps at some point in the future we will write no checks. Writing checks takes time and I do not want to waste any time when I could use the credit card instead and even get some cash back. I actually like to pay cash for small purchases. Using the credit card takes a little more time than cash and I do not like wasting time. DW keeps and balances the checkbook. I see people writing checks for less than $10 at the store checkout and wonder if they have no clue that they should value their time more highly and not waste any of it writing small checks. They probably have no clue that I think it is extemely rude of them to be wasting MY time. Did I mention that I hate wasting time?
Grouchy Jeff

 

[kombat]

I’m constantly amazed at the number of people who tell me that they either don’t know how to balance their checkbook or don’t bother to do it.

What's a "checkbook?"

Signed,

A Gen-X'er

 

[two4theroad]

Add me to the no balancing the register crowd. I religiously balanced for 30 years. Only found 1 banking mistake when the bank credited my account with my mothers deposit. Our account numbers were only one digit apart and this was way back in 78 before everything was computerized.
When we retired in "06 and no one was paying me to sit in front of a computer for 12 hours a day with little to do at times, the balancing stopped. I look at the accounts weekly and closely monitor the Penfed card purchases. I usually write one check a month to the local water coop who still don't take online or credit card payments. All the rest is auto deposit or withdrawals. So much easier.....
2fer

 

[Sarah in SC]

I still "play records" occasionally, though I'm converting them to mp3. And I converted my nucular reactor into an atomic bong...

What is it Tick Tock says... "I find your ideas intriguing and I wish to subscribe to your newslettter."
I'd like to see the blueprints for that nuclear reactor conversion....
But I also still play my records...got John Prine on the turntable now in honor of the first peaches of the season.