If you struggle to get into this kind of habit, a number of modern banking conveniences can help remind you to check in once a day. For instance, the majority of modern banks offer smartphone apps that allow you to easily check your balance, see your transactions and even deposit checks via your phone.
You also can sign up for email or text alerts that will let you know everything from when your transactions clear to what your current balance is. These amenities make it very easy to check your banking information each day. However, there are a couple of downsides to using a daily check-in as an alternative to checkbook balancing. For one, if you still use paper checks, this method does not account for them. You may overdraw your account if there is an outstanding check that you forget about.
There are a number of programs available that will automatically track your banking information for you, such as Mint. These aggregators allow you to see an overview of all of your financial accounts in a single place, from your checking and savings accounts, to your loans, to your college savings account.
Aggregators can be a great tool for anyone who wants to get a big-picture sense of their money. However, they can lull some people into believing that they are staying on top of their money chores because the aggregator does so much for you. If you simply let the aggregator do the work and never stop to check in, this kind of program will not replace manual balancing. This means you have to remember to write down transactions when you get home, rather than record them as you make them, which is onerous and also a good way to forget transactions.
What you probably have at all times, however, is your cell phone. You can create your own transaction register on an open-source spreadsheet platform, such as Google Sheets. These programs may automatically populate some transactions, but there is still plenty of manual recording you can do with them, both on your computer and your phone.
The benefit of a program like this is that it often will nudge you to complete your necessary tasks, and it will walk you through the process of balancing your records. Not only does tracking your transactions help ensure that you are aware of how and when money is flowing in and out of your account, but also it gives you the baseline you need to detect problems and plan ahead financially.
It may be that only old-school account holders still record and reconcile paper checkbooks by hand. But there are a number of options available to help you record and balance your accounting in order to stay on top of your finances. Emily Guy Birken is a former educator, lifelong money nerd, and a Plutus Award-winning freelance writer who specializes in the scientific research behind irrational money behaviors. Her background in education allows her to make complex financial topics relatable and easily understood by the layperson.
Select Region. United States. United Kingdom. Emily Guy Birken. Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but that doesn't affect our editors' opinions or evaluations. Why Balance Your Checkbook? There are several reasons for keeping such a record and balancing it regularly: Back when paper checks were more common, it could take quite some time for any one check to clear.
Be sure to record any other credit amounts listed, such as corrections by the institution. Look at your latest statement and verify that all deposits listed match the deposit amounts listed in your checkbook register.
Make a list of any deposits that are listed in your register but do not appear on your statement. Add these together. Tip : Use the worksheet on the back of your statement.
Match the entries in your register with the transactions listed on your statement. Compare check numbers, dates, and dollar amounts on all checks written. Note: If you do not have cancelled checks or images returned with your statement, contact your branch and have them send a copy of the item in question.
Fees may apply. Be sure that all of the outstanding items from your previous statements have been included in this statement. Otherwise, they are still outstanding. Note: If an item is outstanding for 60 days or more, contact the person or company you wrote the check to and see if the check has been received. Verify that additional withdrawals listed on your statement, other than checks, are charged for the amount actually drawn. Add these items together.
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