A lot of people write down their expenses, and then the month goes by. "Keeping track of your spending will help you stick to a budget. Gomez recommends reviewing your spending consistently through a spreadsheet or budgeting app, even if you don't write physical checks, Is balancing a checkbook still necessary? Quick tip: If you've realized you made a mistake when you wrote out a check, it may bounce. If you still have your bill, check to make sure you paid the correct amount. Is one of your check amounts listed incorrectly in your bank register? Refer to your carbon copy checks to ensure you didn't just write the wrong number down on your bank register.See if there are any payments missing, and compare the amounts again. Are there bills that haven't been processed yet? You may have some information on your bank statement that isn't updated if you just sent a payment.If there's a discrepancy, consider whether one of these scenarios has occurred: What to do if your checkbook doesn't balance The total from your calculations should come out to your current bank statement for the month. Now you'll be able to compare your check register to your bank statement. Expenses should be subtracted from your total, and payments should be added. ![]() Then, you'll go through your bank statement and factor in any other transactions not listed. If you're not using your checkbook, go through your checkbook and add up all your bill payments for the month. You'll also write down any debit card or bank transactions for the month. If you use your checkbook, you'll go line by line and either subtract or add each transaction. The process for each method starts the same: you'll write down the statement balance that you had at the beginning of the month. You may use your checkbook ledger, the back of your bank statement, a piece of paper, or a spreadsheet. There are different ways to calculate your bank transactions. Maggie Gomez, CFP® professional and owner of Money with Maggie, says if you're recording your spending properly, you should have a better sense of how much is in your checking account, and you won't be surprised by bank transactions. Flip through your carbon copies if you forgot to list something on your checkbook register.Įven though recording these details may seem tedious, it can help you monitor your spending. Quick tip: Checkbooks come with a carbon copy, which is paper behind your check that leaves behind a copy of what you write on it. The check amount: This is how much you paid your payee.This can help keep track of your payments. The check number: Each check will have a number listed on it. ![]()
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