balance it

Posted on 06. Mar, 2009 by dara in penny pinchin'

Now a days when you go to the grocery store, or any store for that matter, all you hear is, “credit or debit?” I remember a time when writing a check wasn’t considered an ancient practice but a normal and relatively “cool” concept. I remember receiving my first checkbook and pouting because my starting check number wasn’t high enough to make me appear “experienced.” But those days have come and gone…we have moved into the age of internet banking and debit cards.

This move brings about an important question…how do you balance your checkbook? Of course, this is considering that you did at one time balance your checkbook. Many of my friends just look online and what’s there is there, end of story. However, I would caution you {budget}fab* readers to be more vigilant with your online banking. I logged on not too long ago and noticed a mysterious $100 charge that I did not recognize, so I combed through all my receipts and bills attempting to make sense of the charge. When I couldn’t place it, I called the bank only to discover that the charges weren’t mine but most likely placed on my account in error. The first thought that crossed my mind was “if I hadn’t found this error, would it have gone unnoticed?” The answer I gave myself is yes, that person’s bill was paid or that company received their money, so who cares if it was from the wrong account or the wrong routing number.

With that being said, I would advise you to keep track of what your expenses are and what you spend, at least moderately. In this way if an issue should arise, you’re immediately aware of it because you “loosely” know what you’ve spent or what you’ve authorized to be deducted from your account. Since we don’t have checkbooks to balance anymore…at the end of the month or bi-weekly, compare your tentative mind balance with the actual balance and rectify any discrepancies. I know this seems tedious and pain staking, but trust me, it’s worth it. You work hard for your money; don’t just give it up to anyone or anything! What ways do you currently keep track of your spending patterns or balance your “checkbook?”

Until next time, stay {budget}fab* and take charge of your finances!