Does anybody else NOT balance their checkbook?

[shellito1012]

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.

This is exactly how I do mine....so easy once you get in the habit...takes very little time.

 

[summerrluvv]

I have never balanced my checkbook. I use my Visa Check Card for most purchases or online bill pay. I check my account online daily and I always have a rough idea as to how much I have in my account. Of course, I only have to account for myself, not another person in the household with an ATM card/checkbook, so that makes it easier I suppose.

 

[Jen D]

Haven't balanced in years.... I probably look at my account and transactions online every single weekday so I make sure all transactions are being recorded and deducted correctly... for me that is the record of transactions. If something is incorrect I will find it that day and have the bank correct it. I do mostly on-line billpay, but I average about 2-3 checks a month. I always pay my landlord by check (he lives upstairs, so online seems silly), sometimes piano teacher, and there is occasionally the odd place that gets a check and doesn't take cc or debit, usually something related to school... PTA, after school class, or whatever. There are so few checks in play that I am never surprised by one. Dh doesn't touch the checkbook or or make big purchases without asking me first.

We do have an overdraft line of credit that is basically a credit card without the plastic. So on the off chance that I do screw up, or some check I totally forgot about wipes me out, it dips into the credit account to make up the difference. As long as you pay it back before your statement due date there will be no interest charges. I love having it, it eliminates stress over worrying about those fees, although we've rarely needed it.

 

[minnie1928]

Guess I'm just needing to vent, I fell like such a putz. I am an accountant for pete's sake.

I'm an accountant too! It feels really bad when we do stuff like this, doesn't it! I really enjoy the lunches we take at the office, 5 accountants sitting at the table trying to figure out how to divide the check !

Back to your original question, I balance every month when I have the statement. However, I also keep a nice cushion in the account for things like this. Haven't had an overdraft fee since 1989!

 

[dizcrazy]

I do log in and check my account at least 4X a week.

So sorry to hear you have to pay so much in fees. OUCH!

Maybe contact the bank bout the overdraft protection, or see if customer service can help you out at all. sometimes they are willing to waive a fee (or two) if you are a good customer.

 

[tbelfonti]

We balance the checkbook monthly. It is kept on the paper register, Microsoft Money and Excel. While it seems uptight and overkill - we've NEVER had a problem with an overdraft. And I can tell you who holds their checks forever before depositing, etc.

 

[minnieandme]

I find it's easier for me to deduct the check amount from the balance everytime I write a check or make a withdrawal. I check my account online every couple of days to see which check(s) cleared, then I make a check mark in my register.

 

[ladyelle]

This may seem very strange to lots of people that do the regular "balancing" thing, but it works for us. I simply round up every check amount/debit transaction in our checkbook and round down every deposit. A check for 2.01 is rounded to $3, a deposit of 2.99 is rounded to $2, etc. Also, my DH is only paid once per month and when that check is deposited into our account I round down $100 as a sort of forced savings cushion. At the end of every year when it is time for our Disney vacation, I pull out the excess and use it to pay for our vacation. We don't even miss the little changes and when we go on vacation next month, we'll have an extra $1,800!! I also don't miss the extra work/worry of balancing my account. I do however, check all transactions on the bank statement monthly against my checkbook.

I don't understand the logic of your thinking. It makes no sense to me. Then again, I am an accountant.

 

[disneysteve]

I balance to the penny every month when the statement comes. I've found errors in my favor and in the bank's favor. You can't just assume the bank is always right. I can't imagine not doing this on a regular basis.

 

[Kahana-ri]

I wouldn't know where to begin. I go on-line and see how much money is in the account and then to my checkbook to see what checks have or have not cleared and see IF I have anything left. I pay somethings on-line, but most still by check. I use the debit card for all other purchases. Now that I think about it, I don't personally know anyone that DOES balance their checkbooks?

 

[Kez250]

I crunch numbers all day - the last thing I want to do when I get home is balance my own account - I have at least a years unopened bank statements in a shoebox - however I must admit that I scan my account (very quickly) online once every 6 weeks or so

K.

 

[disneysteve]

I forgot to mention something in my first post above. I actually don't balance my checkbook. My 9-year-old daughter does it for me. I don't remember what made us start doing that but I guess she must have been sitting with me one time and realized how simple it was. I figured it would be a good math exercise for her so I showed her how to do it and watched her the first couple of times. After that, she's been pretty much on her own. I just help out if there is a transaction she can't find. And if it doesn't balance, I'll take over to find the error with her watching to see what I do.

 

[tlbwriter]

I think it depends on what you mean by "balance." Some people use "balance" interchangeably with "reconcile," and some don't.

I write more checks than some of you because I don't use a debit card. Every week or two I enter them all into Quicken. I really need to do it more frequently, but I'm too lazy. And we have free overdraft protection (funds are automatically transferred from our savings account if we overdraw, and there is no service charge), so that inspires me to be even lazier. I then check my statement online to see what has cleared, and I reconcile everything with my Quicken account to look for mistakes, items that didn't get into Quicken, etc. But I never check my Quicken total against the bank's total to see if they match. That kind of stuff drives me crazy. DH does that once a month or so.

 

[antmaril]

I've been married 31 years and I have NEVER balanced my checkbook. I, of course, record the checks (and my debit purchases) and know my balance. I take a look at the bank statement to make sure there isn't any fraud and if it's close enough I'm happy. I've never been overdrawn or paid any unnecessary fees.

Close is good enough for me.

 

[dizagain]

As a new SAHM (without kids here all day) I am bored! I check my account through Quicken each morning and double check everything - DH never gives me his debit receipts - grr - and I have to get those straight. I also leave a cushion in there - right now it's like $600 that I don't have in my checkbook so we always have extra that we dont "know about"...

 

[gr8ful4Him]

I wouldn't know where to begin. I go on-line and see how much money is in the account and then to my checkbook to see what checks have or have not cleared and see IF I have anything left.

This is about how I do it. I used to balance it every month before I could get my balances online, but now I just go there to see if there are any strange charges, etc. I haven't actually balanced our account for quite a while, but I know how much should be in there.

 

[disneysteve]

I think it depends on what you mean by "balance." Some people use "balance" interchangeably with "reconcile," and some don't.

I write more checks than some of you because I don't use a debit card.

Here's what I mean by balance.

I go through my statement item by item and check them off in my checkbook register. Then I total the outstanding payments and outstanding deposits and use that to adjust the ending balance on the statement. It should match the balance in my register. If it doesn't, I find the error.

As for number of checks, I write very few, usually 5-6/month but I don't use a debit card at all. The difference is I pay most of my bills electronically. Plus lots of my regular bills get charged to my credit card to maximize reward points.

 

[corie161]

We don't keep a register, we use duplicate checks and every so often, hopefully at least weekly, sometimes more, often times less, I enter them into Microsoft Money. When it comes to debit card purchases I save the reciepts and enter off them as well. I reconcile against the statement every month....not always to the day, I haven't done Augusts yet. Hoping to get to that this week!

 

[mickeymousemom]

I feel better now! We don't balance our checkbook, haven't for years. We use duplicate checks and I periodically check online to make sure everything is as it should be. We do use our debit cards quite often and I pay my bills online most of the time. Seems to work fine for us....

 

[sk!mom]

I forgot to mention something in my first post above. I actually don't balance my checkbook. My 9-year-old daughter does it for me. I don't remember what made us start doing that but I guess she must have been sitting with me one time and realized how simple it was. I figured it would be a good math exercise for her so I showed her how to do it and watched her the first couple of times. After that, she's been pretty much on her own. I just help out if there is a transaction she can't find. And if it doesn't balance, I'll take over to find the error with her watching to see what I do.

Ok, I was feeling pretty good as I scanned this thread until I read this. We (DH, actually) balances every month to the penney but we have a 9-year-old DD who could be doing it. Can't wait to get her started. Maybe she'll start turning some lights out when she sees all that money leaving us each month.