We live today is the era of exploding technology. \u00a0It seems that everyone is connected today. \u00a0Everyone is looking to make everything easier or more convenient. \u00a0One of those areas is in how we manage our banks accounts. \u00a0The convenience of credit cards, debit cards, online access, email alerting – everything to make managing your money easier. \u00a0I use all the tools just like you, but do you keep a checkbook register?<\/p>\n
It is almost every day that I hear people say, “no, I do not keep a checkbook register because I only use my debt card.” \u00a0These are often the same people who have trouble managing their cash flow and find themselves overdrawn on that same account. \u00a0The reason for a check register is to simply manage the money you have in the account.<\/p>\n
I recently read a newspaper article about a man who bought a $4 coffee that wound up costing him well over $200 when all the over-draft charges were totaled. \u00a0One big piece of his problem was not managing his cash flow with his check register. \u00a0What he thought he had in his account was not there.<\/p>\n
Many people, when I use the words “check register”, immediately think of the paper document that was given to them when they opened their account. While that is definitely what I mean, today that paper product has been joined by Quicken, iBank, phone apps, etc. \u00a0It is not just a paper journal any more. \u00a0Your check register is a place where you are tracking, on your own and not from a bank download, the transactions you have made from your account. \u00a0These transactions include deposits, checks written, bank charges (are you really paying those??), debit cards usage, ATM, etc. -EVERY transaction in that account needs to be recorded.<\/p>\n
You need to know what is in your account BEFORE you spend from it. \u00a0Many I meet have cash flow management and non-sufficient fund (NSF) issues. \u00a0Both are also found because the person\u00a0not using some form of a check register. \u00a0My children each opened a checking account when they were fourteen years old. \u00a0I remember one of them crying because they did not want to “open an account”. \u00a0You would have thought I was making them go off to do most miserable thing you could imagine. \u00a0What I shared with them that was as long as they lived in my house they were going to know you can not spend money from an account that is not there.<\/p>\n
If I met you today and asked, “what is your checking account balance”, how would you answer? \u00a0What does that answer consist of? \u00a0Are you telling me what the bank tells you the balance is, what you think it is, what it is with the outstanding transactions you have made, or what it will be (you hope) when your next deposit goes in?<\/p>\n
Successful financial people, while they may have to look at the paper register or their phone app, can tell you what the CORRECT balance is. \u00a0That is huge. \u00a0Knowing your balance(s) will allow you to stay on top of what you have and save money. \u00a0Keeping accurate, timely updates in your register will position you to better manage your finances.<\/p>\n
Did you know that managing your check balance will actually save you money? \u00a0Sure will. \u00a0You are much less prone to getting any NSF or over-draft fees charged to you when you know what is there.<\/p>\n
So many of you do balance your account. In the the Reply section below, tell others what you use to keep your account balanced. \u00a0Do your prefer paper ot technology? \u00a0Make sure to click on Post Comment.<\/p>\n
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We live today is the era of exploding technology. \u00a0It seems that everyone is connected today. \u00a0Everyone is looking to make everything easier or more convenient. \u00a0One of those areas is in how we manage our banks accounts. \u00a0The convenience of credit cards, debit cards, online access, email alerting – everything to make managing your […]<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,3,24,9],"tags":[],"class_list":["post-1379","post","type-post","status-publish","format-standard","hentry","category-banking","category-coaching","category-education","category-saving-money"],"yoast_head":"\n