Seleni Lobo
Member Service Representative
Technology now a days is so advanced compared to how it was decades ago. With mobile apps on our phones we are so used to having easy access to our checking and savings account that we feel that there is no need to balance our checkbooks anymore. But, did you know that when you write out a check or making an electronic purchase that go through as “credit” it will not show immediately on your checking account through your mobile app? Before you know it, you are paying on overdraft fees because you forgot that you made out that check or that online purchase. By balancing your checkbook you not only know how much money you have left to spend but you can also see where your money is going, which comes in handy when budgeting. It’s quick and easy to do and will help you avoid overdraft charges along with insufficient funds fees.
The easiest way to do this is just write in every purchase and amount as you make them, keep all your receipts to go back and verify the amount you wrote in is correct. When convenient, at least once a week, you can sit down and balance your checkbook by subtracting any purchases made or adding any deposits made. Keep in mind that your checkbook can be used for any checks written but also for any purchases made with your debit card, cash withdrawals or deposits made in person and any debits or credits made electronically. There’s even an app for that if you prefer.