![]() ![]() And, if for some reason you detect a problem, the sooner you are able to correct it. ![]() It’s important to record the transaction at the time you actually write the check, make a withdrawal, or make a deposit. By recording the transactions and balancing your account total in your checkbook register, you’ll get a clearer picture of your spending habits and know exactly how much money you have. Recording each transaction in your checkbook register and adding or subtracting it from the balance is the first step to simplifying the balancing act. Sign up for eStatements and Online Banking to be able to view activity on your account without having to wait for a mailed statement! With eStatements, you can view, print and save your monthly statements electronically and with Online Banking, you can take care of your everyday banking transactions – transfer funds, check account balances, make loan payments – 24 hours a day, 7 days a week. Remember, it also takes a few days for your checks, ATM, Mastercard ® debit card, and/or deposit transactions to be recorded on your account. Meanwhile, you are continuing to write checks, make ATM withdrawals and/or deposits, and hopefully, keeping track of these transactions in your checkbook register. Once your statement has closed, it will take a few days for the information to be printed and for it to arrive in the mail. The closing date is usually found in the upper right-hand corner of the first page of your statement. ![]() Your statement lists the transactions posted to or cleared from your account as of the closing date. Seldom will your bank statement and checkbook register agree. This article will help simplify the balancing process and hopefully reduce the anxiety level when your bank statement arrives. Ignoring your monthly statement altogether.You try to balance your checkbook using pencil and paper, but find it frustrating and have difficulty making the numbers agree. Correct any mistakes by contacting National Iron Bank as soon as possible.For a Loan Help With Balancing Your CheckbookĮight Simple Steps for Balancing your Checkbook Do You Fit in One of these Categories?.Look for errors, un-cashed checks and any purchases, withdrawals, etc that you forgot to record. At the end of the month, reconcile your ledger with your monthly statement.Recalculate the balance in your account after every transaction, at the end of the day or a few times a week.Every time you make a purchase with your debit or check card, deposit money, pay a bill or make an ATM withdrawal, record the amount in your ledger.Record this amount in your checking account ledger. Determine the exact amount of money you have in your checking account.An organized checkbook can help you budget, spend and save more wisely. By reviewing your cash flow on a monthly basis, you’ll be more aware of how you spend your money. An organized checkbook is a great way of tracking your spending habits. Promotes other positive financial habits.If you are not balancing your checkbook, you may never realize the bank owes you money! Customers typically have only 60 days to report a mistake in their statement. Although the bank rarely makes errors, slip-ups do occur. Diminishes the possibility of mistakes.This is not only embarrassing, but costly, as overdraft fees really add up. Reduces the risk of bouncing checks or overdrawing an account.If you don’t already record your purchases, withdrawals and deposits, you’ll find an organized checkbook is a great first step toward smart financial planning. Balancing your checkbook may seem old-fashioned, but reconciling your finances each month is one of the most basic habits of good money management. ![]()
0 Comments
Leave a Reply. |