Comments on: Do You Balance Your Checkbook?

By: Queercents » Blog Archive » Budgeting - Constraint or Freedom?

Queercents » Blog Archive » Budgeting - Constraint or Freedom? — Fri, 24 Oct 2008 19:18:04 +0000

[...] tracking your income and expenses. I created quite a stir a while back when I asked the question “Do You Balance Your Checkbook?” so it just goes to show that that not everyone is as detailed as I am when it comes to tracking and [...]

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By: Queercents » Blog Archive » Just Because You’re Dead Doesn’t Mean They Can’t Bill You

Thu, 24 Jul 2008 12:48:28 +0000

[...] (yes the apple does not fall far from the tree). What about all the folks who don’t check their bills or balance their checkbooks? Do those erroneous charges just get paid, not questions [...]

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By: 21st CenturyGirl

21st CenturyGirl — Wed, 02 Jul 2008 14:39:38 +0000

I agree with what you are saying in principle, which is to be aware of where your money is going ... but i never write checks anymore. So, utilizing your online account to track Pending (future) payments as well as those that have cleared seems so much more efficient. I check this daily and have caught bank errors and fraud. But ... i don't think you need to do any balancing down to the penny offline anymore when you have so much access to your live accounts online

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By: Queercents » Blog Archive » 11 Simple Steps to Living on Less

Queercents » Blog Archive » 11 Simple Steps to Living on Less — Mon, 23 Jun 2008 17:33:23 +0000

[...] your checkbook - Personally, I check mine every day or two but the main reason to check it regularly is to keep track of any fraud, over-drafts or mis-applied [...]

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By: Martin

Martin — Mon, 23 Jun 2008 14:20:18 +0000

I hope being straight doesn't preclude me from posting a comment.;) Being Dutch, I'm not certain whether I have understood the post entireley, but never mind about that. To me, balancing our accounts is a matter of making a rough budget once a year, especially budgeting for all non-avoidable expenses: car insurance, all sorts of taxes, etcetera. You add them up, divide the total by 12, and everymont you put the difference in a (theoretical) "jam jar". If the average amount is, say, € 1100, and the January amount is € 700, you put € 400 aside. Every month you add up what is in your checking and saving accounts, you make a list of what you expect in the way of bills, groceries, gas, and the expected bills (from your yearly plan), and either add to the "jam jar" (in case the next month has few bills) or take out of the "jam jar" (when it's an expensive month). The net result shows whether you have spent more tha your income, or not. It's best done in a spreadsheet, but we have been doing this since we married, now nearly 25 years starting just with a few sheets of paper per month.

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By: FuR

FuR — Sat, 21 Jun 2008 06:03:18 +0000

i've never balanced a checkbook in my life. i've never bounced a check. at this point, i didn't even get checks for my new bank account after moving across the country and needing a nationwide bank. i do everything online and check into my bank account several times a week. i'm still working on a bit of credit card debt after a lay-off, but i think i'm in pretty good shape at this point. ...

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By: anna

anna — Sat, 21 Jun 2008 05:35:14 +0000

I balance my accounts in Quicken every weekend. It’s a habit that came in handy two years ago when a new credit card number wound up in the wrong hands and I found a few unauthorized charges the day after they occurred.

I haven’t always done this, mind you: it was a habit developed only after I finally began tackling my (now paid-off) debt head-on. Back then, it was definitely a way for me to feel more in control of my situation. Nowadays, it’s just one of those things I do every weekend, like the laundry

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By: Valerie

Valerie — Fri, 20 Jun 2008 15:00:47 +0000

I work for a financial institution, and maybe because of that, I keep tabs on my finances daily. As things clear, I mark them off in my check register (which I keep with me all the time). I am constantly surprised by the number of people who don’t and run into trouble because of it (should I really be surprised?). I feel much better when I know exactly how much I have.

Though I have to work with Quicken/MS Money (providing tech assistance/troubleshooting), I’m not a fan of either program. Some people contact us when they have problems updating their accounts because that is the only way they know how much money they have.

At 25, I guess I’m kind of old-fashioned in that I’ll stick with my paper check register (okay…and use quick-glance programs like Mint, Wesabe, etc., to see where my money is going).

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By: Nina

Nina — Fri, 20 Jun 2008 13:19:53 +0000

Paula: This is one reason why Jeanine and I keep our money separate. She's nonchalant about things and I'm logging into my accounts almost daily. Jean Chatzky at MoneySmart gives high marks to the "balance your checkbook" habit. She provides Five Financial Habits that Can Make You Happier and reconciling your checking account tops the list. She writes:

"It may seem like quaint advice, but it’s not. My research shows that people who balance their checkbooks monthly are happier — perhaps because they don’t worry that the next check they write will bounce. Or maybe seeing that figure on the bottom line curbs the impulse to spend."

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By: Debra

Debra — Fri, 20 Jun 2008 01:58:28 +0000

I balance my checkbook(s) and credit card statements about once a week. Because we generally run pretty close to the red line, I feel like it's totally necessary. But more so, I just like to have a handle on it.

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