When you reconcile your account each month, you will be able to catch instances of fraud quickly and respond to them appropriately.Ī very sneaky method that identity thieves use is to withdraw a tiny amount at first (sometimes as small as a few dollars or as much as $20) just to see if it triggers a response. It might seem like a really annoying chore, (does anyone balance their checkbook anymore?) but it is so important. They would compare the ending balance they have with what their bank said they have and then see if there are any mismatched records.Įven if you don’t own a checkbook, it is important to read through your bank statements at least once a month and verify that the transactions match what you spent and/or deposited. Then, they would record the amount in their checkbook in their register.Īt the end of the month, they would receive a bank statement of all of the checks that cleared and the withdrawals and deposits to and from their account. It basically means double-checking that the records you kept match the ones your bank has on their monthly statement for your account.īack before online banking and debit cards were the norm, people used to use a checkbook to write checks. Another term for it is reconciling your account. The phrase “balance checkbook” means something different today than it did years ago. best apps to help you balance your checkbook or checking account.discover real-life benefits of looking at your account every month.

When it comes to balancing your checkbook, it’s important that you:

Even if you are a beginner at budgeting and money management, this guide is just for you!ĭo people even balance their checkbooks anymore? What does that phrase mean? These are the best apps and tools that you need to learn how to balance your checkbook each month so that you can manage your budget.

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