Balancing Your Checkbook...Is It Necessary?

Tony Barnes By Tony Barnes, 9th Jun 2014 | Follow this author | RSS Feed | Short URL http://nut.bz/8tq65vdo/
Posted in Wikinut>Money>Credit Cards

Balancing your checkbook used to be a necessity. With online banking, is it really necessary?

Balanced Checkbook?

I remember my ex-wife balancing our checkbook. She was a bookkeeper…so to her it was non-negotiable…and practically a religion. When she became my ex-, I had some decisions to make. Would I still save receipts and try to reconcile them to the point of pain? If I buy a coke and a candy bar at 7-11, do I really need to get them to print a receipt out of their cash register so I can enter the transaction into a software program? In the grand scheme of things, do I really care where that $2 went? I have never wanted to get so obsessive/compulsive that I have to keep track of every penny.

Frankly, it’s a personal decision. To some people it’s important to chase a nickel across the kitchen table all night long. But, for me I just want to know the big picture. Having said that, I log on to my bank account nearly every day and watch posted transactions closely. Not quite as often, I also log into any credit card accounts to watch them closely. In today’s world of identity theft, that’s a very important practice. If a person doesn’t, they are making themselves very vulnerable.

But, in my mind I balance my checkbook. No, I don’t flip over a paper copy of my bank account and work through the worksheet like many would advocate. I am a huge Dave Ramsey fan…but, he would be disappointed to learn of my casual approach to managing my money. While I think Ramsey has great advice and great plans for people to be able to get out of debt, only certain types of people can adopt the detailed spreadsheets that he advocates. As for me, I can balance my checkbook on my index finger for several minutes…until I get tired.

Tags

7-11, Balance Checkbook, Dave Ramsey, Identity Theft

Meet the author

author avatar Tony Barnes
I am a native Texan who spent 3 years in the Marine Corps Reserves and 25 years on active duty in the Air Force. I have been a Christian since 1985 and am an ordained minister. I am conservative politically and love to study history. I publish a mont...(more)

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author avatar Mark Gordon Brown
9th Jun 2014 (#)

I am not good and keeping track

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author avatar Fern Mc Costigan
10th Jun 2014 (#)

Don't use checks and never will!

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