Is balancing a checkbook passe?

[Scanner]

Now, actually. . .I do keep a checkbook register on Quicken 2004.

I just don't balance it.

I do like to have record of what was written out and I can sort of reference it from time to time.

Actually, it may be easier now to balance. The problem was the ATM transactions from me and my wife coming from checking. $10 here. $50 there. Now. . .we are trying to put just about everything on credit card to earn Disney Points.

I am not certain it is worth the 1-2 hours of my time per month to balance it other than a psychological thrill of "Yeah, I balanced my checkbook."

[disneysteve]

I am not certain it is worth the 1-2 hours of my time per month to balance it

It takes me no more than 10-15 minutes to balance my checkbook each month. It takes my daughter longer, but that's understandable.

[Bookie]

Count me among the balanced.

I maintain a check register in Excel and balance it against my paper statements.

[Jazzmint98]

I haven't balanced my checkbook in years. I check my balances online a few times per week. I only write 2-3 checks/month. The rest of my bills are paid through electronic transactions/debits.

[cptacek]

I am balanced to the penny in all three of my checking accounts. I use my Excel spreadsheet to track what I have already spent, what is still outstanding, and to forcast what bills will be paid in the future.

I once moved out of an apartment and the building was sold. The new owners "accidentally" reinitiated the automatic draft, so if I had just been looking at the balance, I might not have caught it. And, my gym has charge me twice before, and I had to get a refund.

Also, I keep all the information for a few years in the spreadsheet, so I can sort and filter to see how much I have spent in a particular category. This helps me to budget what I will need in the future. If you just check the balance, you don't have a historical record of what you have done in the past.

[safari]

I always balance my checkbook every time I write a check, make an electronic payment, or make a deposit. It's not really much work, as I only make about 10 payments each month. I never use a debit card, charging everything I can to my rewards credit card, which makes balancing my checkbook very easy.

[disneysteve]

I never use a debit card, charging everything I can to my rewards credit card, which makes balancing my checkbook very easy.

Maybe this is part of why I don't find balancing the checkbook to be a chore. We also don't use debit cards and very rarely use an ATM to withdraw cash, so we don't have tons of transactions to keep track of. Our credit card statements might have 40-50 transactions each month, but that only means 2 entries in the checking register to pay the bills.

[Caoineag]

Strange, someone on here claimed that checking just the balance doesn't give you detailed records.

Just an FYI, my bank account does the ledger format online. Any checks I write are scanned and attached to that line in the ledger so that I know what its for (since checks are the only thing the line ledger doesn't detail). When I say I check online, I check account activity not just account summary. That way I know that the charges match what I actually spent.

Also, probably the main reason I can get away with just matching spent to spent is because I don't spend much. Someone with a lot of money coming and going would probably need more detailed notes to compare but I have maybe 5 spend days in a month. Doesn't exactly make it hard to track...

[MonkeyMama]

Many government entities are taking credit cards (DMV took it this year without a service fee). I rarely write a check either. HArdly a need between credit cards, bill pay, and PayPal.

I use Quicken so I don't use a hand register or anything, but Quicken automatically reconciles every time I update. I mean I would say it takes a mili-second of my time.

My bank wouldn't cut it. I don't trust them and even checks they cut for me can remain outstanding for a while. They don't record them in my register until they are cashed. So reconciling is still important.

[Scanner]

I don't doubt that something may get missed with me whereas you folks don't miss a thing.

I mean, I'm sure an outstanding check to Aunt Millie for this or a check gets lost in the mail to my son's trumpet rent-to-own company. THen, I just check the internet and see if Check # 1830 for $31.56 cleared or not. No? It didn't? Okay, write another check.

I am just not sure it's worth it. Because I'm sure the trumpet co. would let me know next month without too much due stress upon my credit.

I keep hearing it takes "seconds" but I imagine there is "sweat" involved with 2 spouses keeping track of each other's ATM withdrawals and oh, I wrote a check out for Little League this week.

I guess the question is, "Is the $60 or $100 per year that gets "unaccounted for" worth it (that I am sure you guys check)? Not to mention the emotional stress of grilling your spouse: "What was that $30 withdrawal for on the ATM when you just took out $40 yesterday?"

I am sure some would maintain here that yes, it is. Even Suze Orman talks about respecting money just a philosophy of life.

I just think as long as you are checking your account (yes. . .not just the balance. . .the activity), that should be enough.

Remember, balancing a checkbook was done at time where mail was the only mode of communication, besides a woman with a bun behind the counter with 6 pencils sticking out of it who could look at the TRS-80 computer (which you could never see) and tell you your activity. You'd wait all month for your bank statement and it would come in.

Yes, I can see the value in balancing the checkbook there.

[PrincessPerky]

Depending on how you look at it, I either balance the book nearly every weekday, or never.

See ing does tell me what is 'going to come out'...it even tells me while my husband is still driving home just how much he spent at the store...

The only transactions that do not post immediately are Gas purchases..those come up as 1 dollar for a day or two, then post the actual..but unless some strange event occurs the gas amount is about the same as another gas amount and I can mentally subtract.

For the rare check, I make a note on the computer and subtract the rounded amount when I peek at ing..I used to have a computer checkbook...but I discovered it was more work than it was worth. Oh and more often than not, I get ing to send the check..meaning it is logged immediately...Ing is so awesome for lazy folk!

I suppose there is a slight advantage to the fact that there are only two of us, and mostly only he spends money...(I tell him to spend it plenty, but I prefer to let him sign receipts while I take kids to go play...boy do I have life good!)

[disneysteve]

I keep hearing it takes "seconds" but I imagine there is "sweat" involved with 2 spouses keeping track of each other's ATM withdrawals and oh, I wrote a check out for Little League this week.

Not to mention the emotional stress of grilling your spouse: "What was that $30 withdrawal for on the ATM when you just took out $40 yesterday?"

I see your point. It doesn't work that way in our house. If either of us writes a check, it is recorded in the checkbook register. My wife never uses an ATM and I almost never use it, so there isn't anything to track there either. It is just bills and other payments made, and I handle that almost 100%.

[sweeps]

Strange, someone on here claimed that checking just the balance doesn't give you detailed records.

Just an FYI, my bank account does the ledger format online. Any checks I write are scanned and attached to that line in the ledger so that I know what its for (since checks are the only thing the line ledger doesn't detail). When I say I check online, I check account activity not just account summary. That way I know that the charges match what I actually spent.

Perhaps that "someone" was me? There's no argument that the online statement contains detailed transaction information. But the transactions are stored on a computer in the bank's data center. Bank employees make mistakes; bank software may have bugs; computers can get hacked. If you do not store your transactions locally (either in the checkbook register or in Quicken or MS Money), you have no records in the event of a dispute with your bank.

[cptacek]

Strange, someone on here claimed that checking just the balance doesn't give you detailed records.

Might have been talking about me too. I know some people who check their balances every day by going to the ATM and getting the balance. Others log in to the bank website and check the transactions. The second way is better than the first, in my opinion, and you may be able to keep track just fine this way. I couldn't just do this, though...the way I budget for my bills, I forecast with my spreadsheet to know I have things budgeted ok for the next six months to a year.

[kv968]

I just think as long as you are checking your account (yes. . .not just the balance. . .the activity), that should be enough.

That's enough for me. I check my account at least every other day and I've never had a problem. Although I'm the only one who uses the account and I only write maybe 20 checks a year (12 being rent) so I know what's in there at all times.