Is balancing a checkbook passe?

[Caoineag]

Lol, okay guys, I wasn't picking a fight, just letting people know that detailed ledgers are available online for some banks (not true for all banks). I had seen that comment come up so I was giving an fyi on it ( I honestly didn't pay attention to WHO had posted it).

Honestly, I have a paper ledger (better known as the sticky note of bills) and an excel spreadsheet that I track the regular bills on so I know what I can spend as a result but that isn't a checkbook because I don't use checks. Everyone should use the method that works best for them.

I am actually betting that the majority of people actually use some other method as the MAIN method of tracking money in and money out whether or not they balance the checkbooks.

[disneysteve]

I know some people who check their balances every day by going to the ATM and getting the balance.

I never saw the point of this. If I go to an ATM right now and check my balance, that number will likely be off by at least several hundred dollars from what is actually available in the account. I just checked my balance online. It shows a balance $371.40 higher than the true balance according to my paper register. And that is relatively close. Sometimes, the two vary by $1,000 or more. The only source that is always accurate and current is the paper register. If I went out and spent money based on the ATM or online balance, I'd get in a lot of trouble.

[Coleroo]

I've never done a traditional book balance (Im 24). I just log on every day to my online banking. I always know whats coming and going and the time it takes for it to clear. We don't use checks either so i dont worry about those clearing. I've never had unaccounted for money and it's always worked for me. I couldn't imagine having to write stuff down manually like my mom always does! I'd definately forget something then and confuse myself to pieces.

[jodi]

I used to keep a checkbook, but then I found myslf logging onto my account every few days (sometimes weeks) to catch it up, since I didn't remember to write all my transactions and DH hardly ever remembered to tell me about his. Since I was just copying the information from the computer anyway, I stopped and just started to check my account activity online everyday. Works great for me. I know exactly what DH has spent without him having to say a word. I have a great memory for numbers, so I check the debits to make sure nothing is off (yes, I know I'm not fool-proof, but this works for me). I always keep a buffer of $200-300 in checking so my DH can make small purchases if needed. Any large purchases are planned in advance or put on the credit card. I know how many days it takes each of my online bills to clear (i.e. 2 days for BOA cc, <1 day for cell), so after I pay each bill, I already know the money is gone even if it hasn't registered yet.

[disneysteve]

We don't use checks either

I'm curious about this as several of you have said it. I pay some bills online and have several others either auto-withdrawn from our account or auto-charged to a credit card. But I can't eliminate checks totally. I just reviewed my register and since 10/1, I have written 12 checks. Of those, 2 could have been handled in cash but the other 10 had to be done by check. No debit or credit or electronic payment option was available. Is that so unusual today? I'd say 5-6 checks per month is pretty standard for us.

[jodi]

Before I started sending my son to day care twice a week, I probably only used one or two checks a month (now I write at least one a week because it's easier than carrying the cash for day care). Over the past few months, I've written checks to my mother and friend for money owed (i.e. one would buy a ticket or dinner for me and I'd pay them back), to doctors and labs for co-pays (this can be done with cc on the remittance slip, but I don't like to write my account info down and put it in the mail - some don't take it over the phone), and to my pinochle league and Books Are Fun order (I could have paid both with cash - if I carried cash). Still, the rare bill does come along that I absolutely do have to write a check for (but not often).

[JoeTaxpayer]

Agreed

A paper statement offers no extra details. I go online every two weeks to check that my paycheck hit. At that time I check off the checks that cleared, and can see what hasn't. Most bills are paid on line, so no more than one or two paper checks are ever outstanding. The month end balancing is no more for me.
JOE

[sweeps]

A paper statement offers no extra details. I go online every two weeks to check that my paycheck hit. At that time I check off the checks that cleared, and can see what hasn't. Most bills are paid on line, so no more than one or two paper checks are ever outstanding. The month end balancing is no more for me.
JOE

Same here. But notice you're still balancing your checkbook... you're just not waiting for your monthly paper statement to do it.

[Ima saver]

I balance all my checkbooks down to the penny each month also. In my husband's business, I write many many checks every month. I also have had many bank errors show up in my account where they have miscoded the checks.

[Caoineag]

I'm curious about this as several of you have said it. I pay some bills online and have several others either auto-withdrawn from our account or auto-charged to a credit card. But I can't eliminate checks totally. I just reviewed my register and since 10/1, I have written 12 checks. Of those, 2 could have been handled in cash but the other 10 had to be done by check. No debit or credit or electronic payment option was available. Is that so unusual today? I'd say 5-6 checks per month is pretty standard for us.

Rent is a check and one of my utilities can be a check but those are it. Everything else is electronic or debit (visa logo'ed so accepted everywhere visa is). With bill pay, I wouldn't even need those two checks which is how some people are getting rid of the need for checks (bank mails a check for you).

I do think part of it is your area. When we went to San Fran, we had to find an atm quick because few places accepted credit cards but here in Denver, I have yet to see a place that didn't take plastic.

Oh and I think the DMV requires cash or check but since I don't have a car, its not an agency I have to deal with too often.

[PrincessPerky]

I wonder if we did a poll and checked age vs paper checkbook..would we come up with a trend toward the 'older folk' using the paper method, and the 'younger folk' using the online bank statements?

Also as to using checks... the less you spend the less you need checks... I just checked since ING is kind enough to keep track for me, I used three in November..one for the car tax, and two for church... I could have used one for church combining the amounts if I wanted... but remember I didn't have to take pen to paper for them, nor did I have to wait for clearing..I type the to, amount and memo, ING licks the stamp for me .

[simpleyme]

you know back when i had very littlemoney my bank statements came and the envelope was super thick because of all my check transactions,now i spend very little money check or cash,no debit or credit (,i have them just don't care to use them )

it might be about age thing I am 35 (36 next month) I like to write things down,I often write myself a note then throw it away ,something about writing things down that makes me remember it

my MIL is almost 80 pays everything online forgets what she paid and will pay things repeatedly she had huge credits on all her bills,if i pay online i will have to keep a log or register

she says she never balances anything but just goes by her bank statement

I have never been clear exactly what you are supposed to do to "balance " your check book

I keep a register and deduct and add everything whenever it happens,then when I look online,about every 2 weeks I see what cleared put a green mark next to it in my register look to make sure the amount deducted is correct and that's it , so I never have to take hours to do anything there is simply nothing to do, unless I am not doing something I should be doing

[Ingtar17]

I have never, ever balanced a cheque book. My current method is to pay everything I can with my VISA. I pay the entire balance every month and have never paid a late charge. I use Quicken to keep track of my VISA charges and also my bank account transactions (including the few cheques I write). If I am going to be short, I know it before i pay my VISA bill (~$3000/month) and I will take appropriate action - like move some money out of my savings, etc. I almost never have to do anything like that - only if there was some our of the ordinary expense. It has been working well for me.

Flip

[Ima saver]

Well most of the people we deal with in my husband's line or work will not take a credit card, they want a monthly check. (he is a builder)

[disneysteve]

I have never been clear exactly what you are supposed to do to "balance " your check book

I sit down with my checkbook register and the bank statement. I go through the statement item by item and check off each transaction in the register. Then I add up the outstanding payments in the register and the outstanding deposits. To "balance", I take the ending account balance listed on the statement and add the outstanding deposits, then subtract the outstanding payments. The result of that calculation should match the balance I have in the register. If the two numbers don't match, I need to find the error that is preventing them from matching.