Does anybody else NOT balance their checkbook?

[shellito1012]

I balance my checkbook every single day...I log on to my account online and see what passed through my checking account and I can balance in a matter of less then two or three minutes. I don't like waiting until the statement comes in the mail because you could have to find a mistake going back a ways. I realize this may not work for everyone, but I always know what cash I have available.

My boyfriend, a few months ago, told me he was balancing his checkbook. A few days later he said something about not writing things down in his checkbook. So I asked how he balances his checkbook if he doesn't write down his transactions. His response was that he "has his checkbook in his head." He was off by $600. I was totally amazed. I asked him if he "knew" how to balance a checkbook. He said yes, but when I showed him my method of daily balancing, he became a believer and has been doing it ever since. I find it a relief to not "wonder" if a check will bounce or "if" I have enough money for something I want to spend.

Good luck with your balancing!

 

[shellito1012]

Me again....I have a question...I notice that lots of people are saying they only write a few checks. I write any transactions in my checkbook that relate to my checking account...not just checks. So my question is, where is everyone writing down or tracking their electronic transfers, debit card transactions, online bills. Ever since the debit card, I use my check register even more! Or do most people pay their bills on a credit card and just pay that off (I do that for some things to earn frequent flyer points)....

Thanks!

 

[mom23boys]

I have not balanced my checkbook in about 6 years. I hate it, I rarely write any checks. Its all done by computer. I do have some automatic withdrawls and POS purchases.

I do look at my statement and make sure everything looks right, by now I know what is coming in and out every month.

As for not writting electronic payments or Debit purchases, I do not do that either. I have everything in my head. So I pretty much know where I stand at all times. I have never been overdrawn or had a fee in 12 years I have used my bank.

 

[SparklieSunShine]

This is awful of me, but I never balance my check book. I never even look at it or write things down. It is a terrible habit of mine and I often overdraw, but luckily my bank account doesn't charge it just takes money out of savings to cover it.
It is not good. I think though as I am getting older I will have to get better about this. I'm pretty embarrased about how bad I am with my money. I always have been. It makes it worse that my mom is an accountant. D'oh!

 

[NeverlandClub23]

I don't, but only because I work at a credit union and look at my account 5,000 times a day. Believe me you're not alone, this one guy I know has had $1,150 in NSF charges this year.

 

[Cheshire Figment]

I have several answers for this.

I write down all transactions involving the checking account, such as ATM withdrawls or use of debit card, as well as writing checks.

I look at my account online five days a week. I will mark off items which have posted daily. Every few days I will take my checkbook balance, add back anything which has not cleared, and verify it to what the bank says is the balance. I will then place a single checkmark next to the balance. If I have nothing outstanding the checkbook and bank balances are the same and I will use a double checkmark. Even though I have ODP I have not had to use it in years.

However, I have two different tax clients who have their own (frightening) method. They maintain two checking acocunts (in different banks). They will use one account and sort of keep track of what they are doing for about three months and then switch to the other account. Before they switch they will look at the bank statement of the one they are switching to and show the banbk balance in their checkbook and go from there, on the assumption that all checks, etc., have cleared. I do not recommend this to anyone, but they both will not change.

 

[claudia]

I have never balanced my check book....makes it about 33 years now. Never done it, never will.

 

[mainewmn]

I use to balance it all the time… The last time being about 5 years ago and I have not bounced any checks as of today. That being said I keep my receipts from my Debit card and check them off against my online banking as they clear, the few checks I write I check off as they clear. I also take additional $50 a year and “forget” about it for the ATM fees, banking fees, etc.

 

[ducklite]

What's a check book ledger? LOL! Seriously, for a couple years now I do ALL my banking online. What I can't pay by online check I try to charge. I think I've written maybe ten paper checks this year, and 9 of them were for donations that I sent matching funds paperwork with, so the paper check was pretty much required.

I have 90% of my bills set up to "autopay" every month, so about twice a month I go in and make sure it's all OK.

And I never use a debit card. It's cash or credit card, except once every other week or so to take some cash out. Debit cards are probably the cause of 90% of overdrafts these days.

Anne

 

[WDWorBUST]

I pretty much balance daily - HOWEVER....just a couple of weeks ago I had forgotten to register a check I wrote at Sams (one of the few places I write checks). It ended up causing me to get hit with Insufficient funds charges on three debit card transactions (a $3 something one, and $10 something and a $7 something). So I ended up with $57 in charges. I did however email customer service of my bank and ask them to please waive the charges because I had never done it before and realized I had made a mistake and made a deposit before the debits cleared but since I wrote a check from my other bank it took longer to clear. They were very nice and waived two of the $19 charges and only charged me the one. It never hurts to ask....especially when you rarely/never overdraw your account.

 

[hmgolden]

I balance my checkbook every time I write a check, or do any transaction that involves my checking account. Its the only way that makes me feel comfortable that I know exactly where all my money is going and how much is left.

 

[goofyforlife]

I used to fuss with balancing everything to the penny......

To much stress trying to track down all our debit card expenses for things like gas and such....

Our budget hasn't been so close since we moved to MD....but I haven't balanced our checking accounting in over 3 years

so liberating for me.....I do check web banking and usually don't send out any more checks than what we get paid each week...

 

[NancyIL]

Me again....I have a question...I notice that lots of people are saying they only write a few checks. I write any transactions in my checkbook that relate to my checking account...not just checks. So my question is, where is everyone writing down or tracking their electronic transfers, debit card transactions, online bills. Ever since the debit card, I use my check register even more! Or do most people pay their bills on a credit card and just pay that off (I do that for some things to earn frequent flyer points)....

Thanks!

That's what I wondered, too. Everything that goes into or out of the checking account should be written down somewhere!

There are more entries in my checkbook for automatic/online payments than for checks written. I generally subtract/add any transactions as soon as I make them, but I "reconcile the bank statement" once a month when it comes. I'm usually right on the penny, but I have been both $1000 off in my favor (because I subtracted wrong) and $1200 NOT in my favor (same reason).

I have an ATM card, which is used infrequently, but not a debit card...and I don't want one. I took away my 17-year-old's ATM card after her second overdraft, because she was getting cash here and there and not writing it in her checkbook. Now that she is away at college and having difficulty finding places to cash a check, I'll let her have the ATM card back, and probably let her get a Visa debit card after she turns 18.

I use credit cards for almost all purchases, then pay the bills online. I can see why people get into trouble with debit cards, because I know I would have a hard time writing down all MY cc transactions in a checkbook register! For those who can't be bothered keeping track of your debit purchases...why not just CHARGE things to a credit card and pay one bill?

 

[branv]

I think I wrote one check in 12 months time

God Bless Online Bill Pay.

That being said, I don't balance a checkbook. I check my account online everyday just to make sure everything is on the up and up.

My bank posts online practically immediately pending charges, and then there's at most a day lag between those charges falling off the pending and coming off the account (and that's only for those people who take so long to get their stuff into the bank). I know in my head pretty much which amounts are accurate, and just in case we save EVERY RECEIPT (you can imagine what our files look like). I never let my debit account get lower then a certain amount. Only occasionally does it when something unexpected happens, at which time I move money over from savings to keep a minimum balance.

I never pay a bill out of the debit account, only do electronic bill pay out of a special account. But we still have overdraft protection which automatically removes money from our savings to cover any overdrafts in the debit account (which has only happened very very very rarely when there was a miscommunication between DH and I).

 

[Debbie Jean]

Me again....I have a question...I notice that lots of people are saying they only write a few checks. I write any transactions in my checkbook that relate to my checking account...not just checks. So my question is, where is everyone writing down or tracking their electronic transfers, debit card transactions, online bills. Ever since the debit card, I use my check register even more! Or do most people pay their bills on a credit card and just pay that off (I do that for some things to earn frequent flyer points)....

Thanks!

I'm another person who writes every transaction related to my checking account... online payments, debit card transactions, etc... in my check register. In fact, I'm always asking the teller for additional registers since I fill them way before I need more checks!

Online account access is the greatest thing since sliced bread. As a single mom, I live on a pretty tight budget so I login every day or two to check off the transactions in my register and reconcile the balance. It never takes more than a few minutes and I haven't bounced a check in decades.

Although I try to be careful and write every transaction down, there are times when I surprise myself by forgetting something... like using my debit card when I pick up a few grocery's on my way home from work

Checking the account online every couple of days keeps me honest... and my account accurate!

 

[Del]

I reconcile every month for all accounts. I transfer $ from sav to checking. And there is always a cushion for just in case in checking. I refuse to give the banks the chance for any extra $ through fee. Del

 

[etwinchester]

Before Quicken, I use to write EVERY transaction in the checkbook and make sure it was balanced to the penny. Now with Quicken, I just make sure everything is entered in there instead of my checkbook register. It's much easier to reconsile when the statement comes. I don't feel the need to do it in two places now...

 

[pearlieq]

I balance my checkbook every time I write a check, or do any transaction that involves my checking account. Its the only way that makes me feel comfortable that I know exactly where all my money is going and how much is left.

I do exactly the same thing. I use online baking and keep my "register" in a Excel file and balance it out with each transaction. I like knowing where my money is at all times!

I rarely write checks--at this point they're used only for the bill companies that won't take cards.

 

[chasbos]

Our business account I balance at least once a day - love on line banking. With over 100 transacations a month you have to keep on top of it!

Now I never ever look at my personal account - bad I know. But I only ever withdraw money from it and then replenish it from the business.

 

[malibuconlee]

I don't write many checks. I use my cc for most things, then DH pays it off each pay day. (Every other week). He also balances every time he pays bills after each pay day using online banking. We've used it for several years now, and before that we had tele-banking, where we could check on al the latest transactions instead of waiting for the statement. What a pain that would be to have to use the statement again. By the time you get it it's already so outdated!!

So, I don't balance very often, but it's not used very often, just for places that don't take cc (like Aldi's and for some reason, the dry cleaners here don't take them!!!)