![]() That’s time well spent to stay on top of your spending. ![]() Since you’re only doing one-quarter of the work at a time, it may only take 5 to 10 minutes out of your lunch hour. Save yourself the monthly anguish of balancing your checkbook against your statement: Bank online and check off processed payments on a weekly basis. If you do this every month, your life will be a lot easier.If not, go back and see where you may have missed a transaction or a calculation. This final number should match up with the ending balance in your checkbook.From your new ending balance, subtract any recent withdrawals, checks, or debits in your checkbook that are not checked off.But if you do put it off, don't do so for longer than a month. The more frequently you do so, the better and less overwhelming the task is. Reconcile your checkbook with your bank statement every so often. Add to that ending balance any recent deposits that are not checked off in your checkbook. The point of balancing your checkbook is to know how much is in your account when you need to write a check.Find the ending balance on your bank statement.Compare your monthly bank statement against your checkbook, and put a check mark next to each transaction in your checkbook that is documented on your statement.Correct any mistakes by contacting National Iron Bank as soon as possible.Look for errors, un-cashed checks and any purchases, withdrawals, etc that you forgot to record. What Is Balancing a Checkbook For those in need of a refresher, balancing a checkbook is comparing the info you recorded in your check register to your bank statements to ensure they both say the same thing. 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. ![]() That way you will know exactly how much money you have in your account. Although the bank rarely makes errors, slip-ups do occur. Balancing your account means making your records match with the banks records.
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