Do you?

Do you really?

Most of us, if asked, would say we mean to but often the task doesn’t make the top of the to-do list in our fast-paced, overscheduled lives. Some don’t think it is terribly important, while others just aren’t interested. Experts, however, insist it is a basic and integral part of an effective personal financial management system.

Still, you might be surprised to know just how helpful it can actually be. By completing the task on a consistent and timely basis, it can assist us in saving money, making necessary budget adjustments, and may provide an early warning for fraud and identity theft.

What is it?

It’s the task of balancing a checkbook.

The process of balancing a checkbook requires a systematic examination of a bank statement - either hard copy or electronic - and comparing that information with check stubs or a check register, deposit slips and receipts. The process, relatively simple and straightforward once you know how, would only make use of approximately a half hour of time, once mastered; with resulting positive effects in the management of your personal finances, well worth any effort involved.

In this issue of the DebtEdge we’ve included a guide to balancing a checkbook, as well as, a handy worksheet to assist you in learning how. Make balancing your checkbook, savings account, - and any other bills or credit statements you receive - a good money habit and part of your personal financial management system.

Steps for balancing a checkbook (Click here to download worksheet):