Personal Finance Tip of the Day

Handy Personal Finance
ISBN: 9781578593224

How do I balance my check book?

  • Write down checks written and withdrawals in a register.
  • Circle the current balance on the statement.
  • Match the items on the register to those on the statement.
  • Do some simple math to ensure the statement is correct.

It's really quite simple. Each month you are sent a statement. And each time you have used your ATM/debit card or written a check, or made a withdrawal, you have been writing down every single deduction from your account and every single deposit, and all fees. Start by circling the amount of the current balance on the statement. You will need this number later. Next, go through each line of the statement, and write a little mark next to the same corresponding item in your register. Circle anything that is in your register, but not on your statement. Some of them are checks written, but not yet presented to your bank, deposits not yet credited, etc. Now, remember the number you circled above, your current balance?

Take this number, and subtract from it all of the checks and debits in your register that did not show up on your statement. Add all deposits that also have not yet shown up on your statement. The final number should equal what you have in your account.

From The Handy Personal Finance Answer Book by Paul A. Tucci, (c) 2012 Visible Ink Press(R) Answers to more than 1,000 answers to questions on personal finance, its history, and managing one's financial life.
< Previous Fact Next Fact >

Dig deeper with these related titles:

Handy Personal Finance The Handy Personal Finance Answer Book
by Paul A Tucci

An up-to-date financial reference book for everyone . . . Combining the most current data with a user-friendly format, this timely... Read More »

ISBN: 9781578593224
Handy Law Answer Book The Handy Law Answer Book
by David L Hudson, Jr.

A legal primer answering hundreds of questions related to the history and practice of law in the United States . . . Combining practical... Read More »

ISBN: 9781578592173
Handy Math 2e The Handy Math Answer Book, Second Edition
by Patricia Barnes-Svarney and Thomas E Svarney

What's the formula for changing intimidation to exhilaration? When it comes to math, it's The Handy Math Answer Book! In an engaging, easy-to-follow,... Read More »

ISBN: 9781578593736