College Edition: 10 steps to balance your checkbook

June 27, 2007 at 2:38 pm 1 comment

Balancing your checkbook helps you keep track of your bank account. Before, folks had to use pencil and paper to do it. Heck, some still prefer to do it this way. But, these days, you can simply buy affordable software that you can download and install on your laptop to better accomodate your digital life. Regardless of how you do it, keep these 10 steps in mind.

10 Steps to Balance Your Checkbook
(from 10 Things You Gotta Know about Your First Year of College, Spark Publishing)

1. Be thorough
Read your monthly statement carefully to make sure that all of the transactions listed are yours.

2. Extra fees and charges
Look for extra fees and charges. Knowing what they are can help you avoid them in the future.

3. Records and receipts
Keep track of your receipts and expenses. If you make online purchases, simply print out the receipt. Write down any expenses that don’t have a receipt.

4. ATM
Keep in mind that the balance on your ATM receipt isn’t always current.

5. Checks
Keep track of the checks you’ve written as well as when they’ve cleared.

6. Bank fees
Keep an eye out for bank fees. Certain fees may be associated with the number of transactions you make through out the month.

7. Interest
Be sure to keep interest earned in mind (if applicable).

8. Warm checks
Don’t write checks until you know the money is in your account.

9. Miscalculations
If you’re off a bit in your calculations, remember to check for ATM fees or other expenditures that may have come up that month.

10. Something’s off
If you’re balance is still off, redo the numbers. It’s pretty easy to confuse transactions and amounts.

In our next post of the College Edition Series, we’ll be covering the 10 ways to save money during the school year.

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Entry filed under: College Edition Series, College Planning, Money Fun.

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