Nothing about lakorns here, nothing about Thai celebrities, just a personal question about your finances. I been getting the impression lately from some of my co-workers and a few friends that I am abnormal for always balancing my checkbook. In a way, my methods are old-fashion.
I bounce my checkbook to the penny. There is no ifs or buts or any form of procrastination, I just do it. Every time I make a payment or use my debit card, I balance my checkbook. I mark everything down, I know exactly how much I have in my checking account at all times. A trip to Walmart, to Giants Supermarket, to Old Navy, to the Gap, come home, put my purchases away, and start going through the receipts. I have always thought this was a common practice amongst everyone. After speaking with some of my co-workers, apparently, it’s not.
In today’s modern world, we have online banking, we have a technology that does our banking for us, thus a few of my acquaintances do not bother to balance their checkbook. Being a penny or a few dollars off is no big deal. And they wonder why they overdraft on their checking accounts. “I have an idea how much I have,” I heard from someone. “The ATM balance is always right,” said another. Seriously dude?
I remember a former college classmate telling she overdrafted on her checking account because a check she wrote took forever to clear. And I thought what does that have to do with anything, don’t you mark it off once you write the check, cause I do. She gave me a disapproving uncomfortable look and said no, once the check is cleared then she would mark it off. O_o
To me, once you write a check, that amount on that check is no longer yours, you best mark it off before you forget and suffer the consequences of a potential overdraft fee.
More info about my finance habits, like the rest of the world, I don’t write checks often. Writing a check has become an archaic practice, sometimes I do feel weird writing one. I write about 6 checks per year–two for my biannual car insurance payment, 4 for our water bill that comes every 3 months. I don’t carry cash either, I use my debit card only. I do use online banking and I also have a paper checkbook (as you already know) to verify everything and compare.
I just want to know, I can’t be the only one. Do you? Balance your checkbook to the penny always??
I GIVE U KUDOS!!!….that is something everyone need to do. If we all just take the time to do that, then life will be alittle bit happier….I NEED TO DO THIS!!…..I am lazy. New Year Resoultion!!!…..my life will be more calm if i do this..
I’m writing down every money I’m spending. I refused a joint account. I told my boyfriend that if he’s not ok with it he can leave me.
He’s paying half of all depenses even like this.
He’s still here
In france there are few people who are doing this so I’m an E.T. But at least i’m feeling good because i know where my account is. I don’t have to ask everytime if I have money to buy this or that.
My mother is like that too
I used too until I have a joint account with my boyfriend. It’s kinda hard to track his expense when he doesn’t give you any receipt. I have a rough estimate of how much I have in my account..it’s not up to the cent though. I do admit that I should try to balance my account though.
Lyn –
You remind me so much of myself. My checkbook is always balanced to the penny. If there’s a small variance (even a penny or two), it would drive me crazy. I used to balance my checkbook manually which was very time consuming. Now I have an application on my phone, making the process very easy and convenient. I also don’t carry cash or write checks often. I use my debit card for everything. I think it’s a good way to help me keep track of my expenses since I would have to balance my checkbook.
FYI – this is my first time leaving a comment. I’ve been meaning to thank you sooner for everything you have done for us. I enjoy and admire your writing style and your sense of humor. Please keep up the GREAT work. Again, thank you so much!
My husband always estimated and one time we had almost $300 in overdraft fees because he wasn’t really sure how much money was in the account. After i took over i balanced to the penny everytime i spendt money. So i hear you… it keeps me sane to know exactly how much money I have. =)
Same here. I balance to the penny. When I write a check, that money is no longer mine regardless how long it takes to clear. Same with online payments. It may take two, three, or more days to post to my account but once I clicked submit that amount is no longer in my account. Good to know I’m not the only one who balances her checkbook. I’ve gotten looks for balancing my checkbook too!
I am the exact same as you or worse even. It takes no effort at all for me to balance my checkbook. I like to know down to the penny how much money I have in the bank. A few incidents in college made me become this way. I had a few unauthorized charges taken out and also one of my checks got stolen and someone went crazy shopping at Walmart. There was another time where the bank actually gave me money that they shouldn’t have. Banks make mistakes. It’s not common but they do. I had a friend that worked at a bank during college and she told me that each teller is allowed to be off by $100 either over or under what they are supposed to have. Well, at her bank anyway. I’m sure each bank have their own policy. However, if they made no mistakes at all, they were eligible to receive a bonus that month. I write down everyting int he registry and then as things clear, I put a check mark by it. Sounds crazy but it takes no effort at all to me!
I am actually the same way. My father has always taught me to be responsible with my money. To know what is going in and out. Tracking your spending is a way to make sure you are not overspending your money. I too carry very little cash. I only use my credit card. And only use it for purchases I know I will pay in full when the bills come. I don’t use my debit card because of someone getting a hold of my bank account through it and getting it resolve with the bank, and getting your money back from the bank may take some time. But with the credit card company you don’t have to pay the bill. It is easier to resolve. The US is in a financial crisis because people don’t spend wisely and spend money they don’t have. I don’t tell people what I do because they only get annoyed. They won’t ever understand.
You’re not the only one. I do this as well. My sis is the total opposite though, lol! I’m anal though. I can tell you how much is in my account right now down to the last penny. I’m just not about spending what I don’t have so I need to know what I do have.
i dont even know what the hell balancing checkbook is to honest. lol