Daisy Posted December 9, 2010 Share Posted December 9, 2010 (edited) Okay, confession time. I usually just check off to make sure my checks/withdrawals correspond with what the bank says I've done. This has worked fine for years. We've never bounced a check. I also started out the account with a cushion so I know I have some wiggly room. Big problem is that I've never fully balanced the checking account. Yeah, I know! How horrible is that? We opened it nearly 13 years ago when I was younger and dumber. Anyway, I can't even remember what my cushion is. I know for a fact, hubby occasionally rounds up his withdrawals. Bottom line, I've tried to balance this account a few times and I get a different number every month. It drives me blasted insane. Would you start a new checking account? Move all those automatic deposits/withdrawals over to the new account and then let this one idle until I can figure out how much money is actually in there. Or do you have a better/easier option? The possibility exists that is somewhere in the neighborhood of $500 extra in that account. Edited December 9, 2010 by Daisy Quote Link to comment Share on other sites More sharing options...
Daisy Posted December 9, 2010 Author Share Posted December 9, 2010 Okay, nevermind. Opening a second checking account would cost us a monthly fee. Hmmm. I think I'm just going to make sure hubby uses all cash for the next few months and maybe that will help me figure it out. He is horrible about forgetting how much money he spent so he just writes in $22? Later I'll discover it was $17.54. Instead of changing it, I've just kinda let it go. MY FAULT. :blush: So I have this nice savings account instead of checking account. Uugh. Quote Link to comment Share on other sites More sharing options...
Evergreen State Sue Posted December 9, 2010 Share Posted December 9, 2010 Two things that help me: 1. Using checks with carbon copies. I can always look back and see how much the check was written for. 2. Accessing my bank account on-line. I check my checking account almost daily to see what has been posted and make sure what is going in and out is correct. For years I used to balance my checking account to the penny every month. It is one thing I have had to let go and I have found such freedom. Instead I write payments on a monthly calendar that also shows when payday is and I frequently check my on-line bank account. I have never bounced a check. Quote Link to comment Share on other sites More sharing options...
Sherry in OH Posted December 9, 2010 Share Posted December 9, 2010 If you regularly access your account online, you can verify the amounts of the checks he writes and correct as you go. If you are going by a printed statement, calculate the difference each month and adjust your register accordingly. Quote Link to comment Share on other sites More sharing options...
Daisy Posted December 9, 2010 Author Share Posted December 9, 2010 Two things that help me: 1. Using checks with carbon copies. I can always look back and see how much the check was written for. 2. Accessing my bank account on-line. I check my checking account almost daily to see what has been posted and make sure what is going in and out is correct. For years I used to balance my checking account to the penny every month. It is one thing I have had to let go and I have found such freedom. Instead I write payments on a monthly calendar that also shows when payday is and I frequently check my on-line bank account. I have never bounced a check. This is exactly what we do, although I don't use online banking. I just don't know to the penny how much we have in that account. I now know exactly how much money is going in and how much is coming out. I just have no clue how much was in there to begin with, other than enough. Haa. I've had my credit card information stolen 3 times online so I'm paranoid about online banking, but maybe I should just do it. Quote Link to comment Share on other sites More sharing options...
Evergreen State Sue Posted December 9, 2010 Share Posted December 9, 2010 This is exactly what we do, although I don't use online banking. I just don't know to the penny how much we have in that account. I now know exactly how much money is going in and how much is coming out. I just have no clue how much was in there to begin with, other than enough. Haa. I've had my credit card information stolen 3 times online so I'm paranoid about online banking, but maybe I should just do it. I can understand you would be concerned if you have had credit card information stolen. However, because I can access my bank account on line everyday, I have actually caught mistakes that have saved me money that may not have been caught until the statement was mailed at the end of the month. I had a company withdraw funds twice on the same day and I was able to tell them the next day so it was corrected quickly. On-line account access doesn't cost us an extra fee. If that is true with your bank, I would encourage you to give it a try. Quote Link to comment Share on other sites More sharing options...
Sherry in OH Posted December 9, 2010 Share Posted December 9, 2010 This is exactly what we do, although I don't use online banking. I just don't know to the penny how much we have in that account. I now know exactly how much money is going in and how much is coming out. I just have no clue how much was in there to begin with, other than enough. Haa. I've had my credit card information stolen 3 times online so I'm paranoid about online banking, but maybe I should just do it. Other than not using the account until all outstanding checks are cleared, the easiest way to balance the account is to pick a starting month, your last bank statement, for example. Account for any transactions that have not cleared the account. Assume the resulting figure is correct. Next month, check your register against the bank statement. Account for any transactions that have not cleared. Does your register match the adjusted bank statement? If not, can you account for the difference, ie, math error? The way an accountant would prefer - find all your old bank statements, start with the first one, verifying transactions as you go. :lol: Quote Link to comment Share on other sites More sharing options...
Annabel Lee Posted December 9, 2010 Share Posted December 9, 2010 The way an accountant would prefer - find all your old bank statements, start with the first one, verifying transactions as you go. :lol: Daisy, don't feel bad, I'm in your shoes regarding the check register, too. My mom tried to get me to go all the way back as far as I could w/ the bank statements and old checkbooks... :blink: It's not happening. I like the other option better. I'm not comfortable w/ online banking either, but my dad knows a gal who checks her family's credit card info. online 2x a day and caught a huge fraud the same day it happened. I guess it can be a good thing, as long as you've got super-duper security on your computer. Quote Link to comment Share on other sites More sharing options...
Daisy Posted December 9, 2010 Author Share Posted December 9, 2010 I check everything against the bank statement. I just don't ever check the math portion. I don't actually check to see that my outstanding items + my balance = the balance the bank says I have. When I do try to do that I come up with a difference of between $400-$600. The frustration is that month after month after month that difference (or cushion) changes slightly. THAT is what I cannot figure out. Why would it change? I guess if I go with online banking I'll be able to see the current balances and what has cleared instead of constantly dealing with a bank statement that is already 2 weeks old. Quote Link to comment Share on other sites More sharing options...
Debbie in IL Posted December 10, 2010 Share Posted December 10, 2010 We used to move quite often when I was growing up. My mom recently told me that she never balanced the checkbook during those years - every time we moved, she just closed the old account and put that money into a new account and started over. :) Makes me giggle. Quote Link to comment Share on other sites More sharing options...
asta Posted December 10, 2010 Share Posted December 10, 2010 I check everything against the bank statement. I just don't ever check the math portion. I don't actually check to see that my outstanding items + my balance = the balance the bank says I have. When I do try to do that I come up with a difference of between $400-$600. The frustration is that month after month after month that difference (or cushion) changes slightly. THAT is what I cannot figure out. Why would it change? I guess if I go with online banking I'll be able to see the current balances and what has cleared instead of constantly dealing with a bank statement that is already 2 weeks old. Some things: Do you have an interest bearing account? Does your bank charge for ATM withdrawls? Does your bank give you a credit for pushing the "credit" button when you use your debit card? My husband never remembers which button he pushes. Do your automatic payments vary by a few cents or a dollar each month? (many do to make 6 or 12 payments work out) Finally - looking at your account, as long as you have a firewall on your home computer, won't get your info stolen. If you are using your computer at a Starbucks or something - oh yeah, that can get it stolen. But at home? With proper firewalls and a closed wireless system (or no wireless)? Nope. asta p.s. I'm serious about the away from home thing. There was an alert about a month ago regarding hackers being able to go into a person's browser if they were sitting at an internet cafe, etc. and access pages they didn't even have open if the passwords were stored. Quote Link to comment Share on other sites More sharing options...
Mama Geek Posted December 10, 2010 Share Posted December 10, 2010 Try getting a copy of quicken or MS money. The basic progams of either piece of software will easily help you to balance a checkbook. Quote Link to comment Share on other sites More sharing options...
Alessandra Posted December 10, 2010 Share Posted December 10, 2010 Other than not using the account until all outstanding checks are cleared, the easiest way to balance the account is to pick a starting month, your last bank statement, for example. Account for any transactions that have not cleared the account. Assume the resulting figure is correct. Next month, check your register against the bank statement. Account for any transactions that have not cleared. Does your register match the adjusted bank statement? If not, can you account for the difference, ie, math error? The way an accountant would prefer - find all your old bank statements, start with the first one, verifying transactions as you go. :lol: I'd do either one of these ways. I don't do online banking either, but I do rely on Quicken. It is so easy to go back and add or correct transactions without re-doing all the math. Quote Link to comment Share on other sites More sharing options...
Daisy Posted December 10, 2010 Author Share Posted December 10, 2010 Some things: Do you have an interest bearing account? Does your bank charge for ATM withdrawls? Does your bank give you a credit for pushing the "credit" button when you use your debit card? My husband never remembers which button he pushes. Do your automatic payments vary by a few cents or a dollar each month? (many do to make 6 or 12 payments work out) Finally - looking at your account, as long as you have a firewall on your home computer, won't get your info stolen. If you are using your computer at a Starbucks or something - oh yeah, that can get it stolen. But at home? With proper firewalls and a closed wireless system (or no wireless)? Nope. asta p.s. I'm serious about the away from home thing. There was an alert about a month ago regarding hackers being able to go into a person's browser if they were sitting at an internet cafe, etc. and access pages they didn't even have open if the passwords were stored. Ahhh, I do. I should look at that more often. LOL. My computer is just really old. I guess I was worried the computer would be easier to compromise but maybe it is more about my internet connection? (cable). Quote Link to comment Share on other sites More sharing options...
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