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.

cleaning team near Winnetka ..

In The News:

Researchers discover phishing scam using invisible characters to evade email security, with protection tips including password managers and two-factor authentication.

iPhone and Android users can reduce battery drain and data usage by restricting Background App Refresh to Wi-Fi connections instead of mobile networks.

Scammers nearly stole an Apple account by exploiting the support system with authentic-looking tickets and phone calls, users can protect themselves with safety steps.

FoloToy restored sales of its AI teddy bear Kumma after a weeklong suspension following safety group findings of risky and inappropriate responses to children.

Threat intelligence firm Synthient uncovers one of the largest password exposures ever, prompting immediate security recommendations.

Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.

Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.

Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.

Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.

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

Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.

New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.

FDA approves first human trial for Paradromics' brain-computer interface that could restore speech for paralyzed patients through neural technology.

New phishing platform QRR targets Microsoft 365 users across 1,000 domains in 90 countries. Learn how to spot fake login pages and protect your accounts.

OpenTable now uses AI to track your dining habits and share insights with restaurants. Learn what data they collect and how to protect your privacy.

Google's discontinued Nest thermostats still secretly upload home data to company servers despite losing smart features, raising serious privacy concerns.

New Android malware NGate steals NFC payment codes in real-time, allowing criminals to withdraw cash from ATMs without your card. Learn protection tips.

DoorDash confirms data breach exposing customer names, emails, addresses after social engineering attack. Learn how to protect yourself from scams.

Concerned about Google's AI scanning your Gmail? Learn how to disable Gemini features that access your emails, Drive files and Chat messages for privacy.

Google warns Android users about dangerous fake VPN apps hiding malware that steals passwords, banking details and personal data from phones and tablets.

Apple's digital passport feature lets iPhone users breeze through TSA checkpoints this holiday season using Digital ID technology at 250+ airports.

A new phishing scam targets family photos with fake "Cloud Storage Full" alerts. Criminals steal credit card information through fake sites. Learn protection tips.

South Korean scientists create ultra-thin fabric muscles that turn clothes into robotic assistants, lifting 33 pounds while weighing under half an ounce.

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

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

Personal Finance