Balancing the books

[boykinlp]

Does anybody else here still balance your checkbook using the check register? My sister's son, who is 22 years old, has been bouncing checks lately. I asked him if he balanced his checkbook regularly. He looked at me like I had 3 heads. He said that he uses his debt card mostly and writes very few checks. He said that if he needed to know his balance, he could check it with his phone or computer. Obviously his method is not working very well.

I was just wondering if I am the only "older guy" doing it the old fashioned way.

[sureshotbob]

I must be old as I still do it the same way as you.

[Broker50]

I'm old, but I haven't done that in ten or twelve years. I use Quicken, download daily from bank's website, soooo much easier!

[bk43]

Suggest Microsoft Money to your nephew. Now that they no longer sell the full program, the stripped down check register is free. Have him install that and the software will guide him through everything that needs to be done. Balancing the account is a couple easy steps with the computer doing all the work.

Should solve the problem.

Bob

[golfrj1]

You guys Need to get up to Speed, I'm REALLY Old and do everything online, no checks and Way Safer.. You see everthing Right Away... Checking/Savings/Credit Card

[Steve in Vermont]

We do all our banking via the Internet and our local bank. We seldom write a check or use our debit card. But we do receive written statements each month from all our accounts and keep a double entry register for our records. I balance the registry 2X each month. If anything happened to the computer we'd simply revert back to the old method of banking and writing checks. Call it a "fallback" position. When it comes to technology we should all ask: What would I do if ......fails? What's Plan B?

[brick]

I do it the same way you do.

[bigolddave]

I spent over forty years in finance, and while I was heavily involved in computers and software, to the point of being responsible for conversion from a homegrown system to a completely integrated design/manufacture/sales/accounting system, since I retired the high point of my month is when my bank statement arrives. I just love to root around in the numbers!

From a practical standpoint, I would reccomend that anyone responsible for a checking account learn to reconcile a bank statement/check register manually. Once one has mastered the manual operation, go to any other system you like; you will have a better understanding of handling your finances, and may well avoid unpleasant surprises.

[CelticSire]

Originally Posted by bigolddave

From a practical standpoint, I would reccomend that anyone responsible for a checking account learn to reconcile a bank statement/check register manually.

That was one of the things that my daughter learned to do in math class last year. As a fifth grader.

[ContinentalOp]

What's a checkbook?

[old bear]

I write no more than 20 checks a year, everything else is done via debit card or online. I still maintain a standard check register which I justify monthly. I also keep an Excel spread sheet back up.

With all the instant access to your banking data, I can see no reason why any responsible person to have any problems with N.S.F.

[ChuckS1]

Still use the check register, but fill it in from the bank account information from the bank's web site.

[H Richard]

The check register is where we post all Debit entries. It's coming out of the same account. I balance the account every month when I receive the "paper" monthly statement. I do use a excel program I developed for quick balancing.

[ChattanoogaPhil]

Is it confusion about the daily bank balance, or is spending discipline the problem? Maybe try getting rid of the debit card and use cash. When his pockets are empty that should give him a good idea what the balance is.

Online banking for well over a decade... We use a credit card for most everything, even monthly utility bills.

[straightshooter1]

I balance mine two to three times per week. I log on the Credit Union site, cross off the checks that have cleared, write down the debit card entries and any deposits shown on the site and subtract any outstanding checks that haven't cleared from the balance they show for me to determine how much I have in checking.

Bob

[Frailer]

I do all my banking online, and I no longer get a paper statement, but I still maintain a check register, which I balance at least once a week against my online records.

FWIW I use cash for over 90% of my face-to-face purchases.

[Steve in Vermont]

At one time I got upset at people who overdrew their accounts until I talked to a banker friend who advised me I enjoyed free checking/bill paying, etc, because of people like this. The banks are making millions on them because of the fees they pay, hence we who act responsibly receive the benefits. So thanks to this young person for helping pay my banking fees.

[Armyphotog]

Yes, I still balance my checkbook against my bankstatement, just like I have done all my life. All I use is an old adding machine with the tape copy. If it works, why change it?

[27145]

I use online banking and always know how much I have at any given time. I try to pay with cash, because some debit and credit cards hit the merchant 3 or 4% of the total. I don't like these banks raking in more cash, especially after the bail out's.

[photocosmo]

I still balance in the check register and guess what? I've caught "bank errors" on more than one occasion (watch out for misc. debits!)

[OKFC05]

My sister's son, who is 22 years old, has been bouncing checks lately. He said that if he needed to know his balance, he could check it with his phone or computer. Obviously his method is not working very well.

"IF" he needs to know his balance???!?!
The method used to know his balance does not matter. Spending money he does not have, writing worthless checks, check kiting, defrauding the merchant, call it what it is: criminal activity that can ruin his life.
Generation Y:
Y be responsible?
Y take care of myself?
Y manage my money? Mom will give me more....

[JohnnieB]

I'm still using the same (DOS based) version of Quicken I used in the late '80s and print checks on a 9-pin dot matrix printer I got with my first PC.
We don't hand write many checks these days, but we've been using the NCR copy type checks since they first came out.
Used to punch the numbers into the computer weekly, but only once or twice a month these days.

Except for leaving cash tips in restaurants and small purchases, nearly all of our purchases are now on NRA indorsed credit cards (NRA gets a cut of the merchant's fee), so one check covers just about everything we spend each month and NRA gets a little bit of nearly every dollar we spend. The part I really get a kick out of is that when I have to patronize an anti-gun establishment, they make a contribution to NRA.

[quneur]

If you do any type of on-line payments or banking, I would suggest a few programs to help keep things secret. One program I use is called Keepass. It's a freeware program that uses paste/edit functions then clears the buffer in a few seconds. It helps with key loggers. Also, use your antivirus software(s). I use two, spybot and malwarebytes and check my comp twice a week. I update them everytime I use them.

Another trick I use is I have a huge file with random numbers/letters. Then grab the various numbers/letters I need and copy them to the buffer. Again for key loggers.

I'm still looking for someone to write a little program that emulates the keyboard via mouse. I could write it but have too many programs on my plate.

As you can tell, I'm a very trusting guy. Anyway, talking about checkbooks, I make a budget (kinda) every month. I first subtract all monthly bills (including food) and what's left over I keep a close eye on (misc, entertainment, etc).

[Maximumbob54]

I don’t feel like some kind of super math whiz for knowing my balance in my head. I know when whatever bills are coming out, I know how much I swipe on the debit card, and I leave a cash buffer as a reserve. Haven’t had a major problem yet. I review the online statement to make sure there aren’t any unknowns and it has worked for me so far. I’m 32. I think spending habits play the largest roll in any kind of money mismanagements.

[Steve in Vermont]

Originally Posted by photocosmo

I still balance in the check register and guess what? I've caught "bank errors" on more than one occasion (watch out for misc. debits!)

Yes, we recently transferred from an "Advantage" account to an "Advantage Plus" for better rates. They tacked on a $ 25.00 fee for closing the original account. Brought it to their attention and they quickly corrected the error. Just shows how careful we need to be, those "fees" are everywhere.

[ChattanoogaPhil]

Originally Posted by Maximumbob54

I don’t feel like some kind of super math whiz for knowing my balance in my head. I know when whatever bills are coming out, I know how much I swipe on the debit card, and I leave a cash buffer as a reserve. Haven’t had a major problem yet. I review the online statement to make sure there aren’t any unknowns and it has worked for me so far. I’m 32. I think spending habits play the largest roll in any kind of money mismanagements.

That's how I always handled my personal finances (business is different). As long as you have a steady paycheck and know what your regular monthly bills are, there's no mathematical mystery to whats left over for other misc spending. Keeping track of misc spending was pretty easy when I was 22... there was very little of it. Save save save. Now that I'm entering OldFartDom, I do a bit more misc spending and let e-banking tally it for me... and the buffer is a bit fatter than it once was.