Money Saving Tip: Balance Your Check Book

Here's a simple but effective money saving tip:

Balance your checkbook as soon as you receive your statement each month. This allows you to check for errors and avoid expensive fees for bouncing checks or falling below your minimum balance.

You wouldn't believe the number of people I know who don't balance their checkbooks. When I ask them why, there usually isn't a great response. Mostly it's just laziness.

Here's a fact: banks make mistakes. And if you don't balance your checkbook and know how much you have, that every charge is legitimate, etc., then you're trusting the bank, which will certainly lose you money. (By the way, banks have a way of finding mistakes made in your favor. They aren't nearly as good (or at least as quick) at catching those made in their favor.)

Comments

[Just Starting Out]

Here's another idea. Check your online banking account and balance WEEKLY.. if not every few days... It's an easy habit and you catch things sooner and can plan better.

[George Tijerina]

I check my bank and credit card balance on a daily basis. I also input any activity into my Money application. This takes a total of 2-4 minutes to complete. This is a good discipline to have and helps me understand where my money is going.