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When you receive your monthly bank statement, you’ll want to set aside a few minutes to reconcile the statement to your checkbook register. Step 2: Review your monthly bank statement Always keep a running balance by subtracting the withdrawals and adding the credits. This includes each check you write and any deposits you make, as well as all debit card swipes, ATM withdrawals and assessed bank fees. The first step to balancing a checkbook is to list each transaction as it occurs.
My checkbook how to#
That gives you time to correct any mistakes before they affect your account and time to report any suspicious activity before you are held liable for any charges.īalancing a checkbook is easy and quickly becomes second nature after you’ve repeated the process a few times.įollow the steps below understand how to balance a checkbook. When the electric company cashes your check the following day, it bounces because you only left $50 in your account after grocery shopping.Īnother important reason to use a register daily and to balance your checkbook regularly is to spot any errors and identify any potential fraud as soon as they happen. You head to the grocery store and buy $150 in food thinking that you have $200 available to you. That check hasn’t been cashed yet, but you don’t realize this. Let’s say that your online account balance is listed at $200, but you recently sent a check to the electric company for $100. This means the balance may not be accurate. Why balance a checkbook?Īlthough you can log in to your online account at any time and view your checking account history, the current statement won’t list any checks that haven’t posted to your account yet. Using a checkbook register to manually keep track of every transaction, and then balancing it at the end of the month, is a great way to double-check that you’re not overspending in any one category and that your monthly finances are on the right track. Knowing where each hard-earned dollar is being spent is an important part of budgeting.