Should i still balance my checkbook

Online banking and apps make the check register obsolete. It is easier and faster to track your money and fix any issues. I use examples from Mint to explain how I use technology to stop balancing my checkbook. But the advice should work just as well with other budgeting apps. Most budgeting apps link to your online accounts and update transactions automatically.

You can also add any transaction you want. When I write a check or have the bank send a check through bill pay , I open Mint on my phone and add all the information. Instead of balancing my checkbook, my outstanding checks appear as pending transactions. When the payee cashes my check, Mint automatically changes the transaction to approved. Looking at my checking account in Mint, there are two numbers at the top of the page.

They are Balance and Available Cash different apps may use different terms. The first amount, Balance, is what my bank knows about. Any money that has moved in or out of my checking account is included in this number. The second amount, Available Cash, includes any pending transactions like outstanding checks. The old way to know how much money you could spend was to look at your check register. Now—using Mint or other apps—you can us the Available Cash amount.

The best budgeting apps out there link to your online accounts. As soon as your bank posts a transaction online pending or approved , your app knows it, too. Hip Tip: Running low on checks? Not only have they been around for more than a century, but some people still prefer to have an official paper form of payment for their records so they can discover and adjust mistakes more quickly.

Checking ledgers can also help you know how much is in each of your accounts which can ultimately save you from low balances and costly overdraft fees. Between you, retailers, general fraud, or even your bank, mistakes are still made, even in the age of electronic payments and records.

Keeping track will help you know if something went wrong. It seems a ton easier. I do keep a small list of the checks I write and their numbers when I do have to write a check , so I know what to keep a lookout for when it clears online. Everything is autopay. Some people write down transactions the second they happen. Others collect receipts to log them in later.

Keeping an up-to-date balance is one of the ways you keep your money from getting away from you. Next, you need to open your checking account statement—either the paper copy in the mail, the emailed version, or the online view when you log in to your bank.

Make sure every transaction on the statement is also in your register or spreadsheet , even pending payments. If you realized in Step 3 that you missed some transactions, you need to add them in now.

Some people wait until the monthly statement comes from the bank to balance their checkbook. You connect your budget to your bank so all your transactions stream right in.