Is Balancing a Chequebook Still Relevant?
Many people are still unaware of how much money they have in the bank or how to correctly manage their money, despite the number of financial tools and online tips that are available. The development of financial management tools is constantly evolving. In fact, there are now apps that will nearly enough manage our finances for us. However, regardless of all the technological advances and changes, sometimes, for some, the best method will always be the classic pencil and paper. When was the last time you wrote in your chequebook? You might be surprised by the fact that people still use checks to manage their finances and pay their bills. Although balancing a chequebook may seem like a concept of the past, it can actually sometimes be essential for keeping on top of your financial health.
What is Balancing a Chequebook?
Ensuring that all of the transactions in your bank account match up with the ones you’ve recorded in your chequebook is the definition of balancing a chequebook. However, despite this sounding extremely traditional, there are actually numerous ways you can do this, whether it be digitally or with a piece of paper. Either way, as long as you are balancing your account by comparing the debits and credits on your bank statement to your transaction record.
How To Balance A Chequebook
Balancing your chequebook is a task that everyone should be doing to steer clear of any unwanted debts or poor financial management. We advise starting by choosing your recording method. As mentioned above, this could be done traditionally or perhaps digitally. Alternatively, you could quickly search online for cheque register templates that provide you with a fast and efficient way of recording your transactions. Following this, you should log your first balance, this way, you can easily input all of the other transactions afterwards, allowing you to compare them to your bank statement.
Is It Still Relevant?
The idea of relevancy in relation to balancing your chequebook is something that some people agree with and some people do not. However, we believe that it all depends on your financial management and your enthusiasm for the subject. It’s clear to suggest that the action is very helpful and beneficial for some people, especially those who complete the task regularly and those who write a lot of cheques. However, if it’s something you don’t particularly enjoy, perhaps that should be your incentive to stop using your chequebook. There are hundreds, if not thousands, of ways you can track and keep on top of your finances, you just have to find the right way for you.
Keeping on top of your spending is important. Once your financial management is strong, you’ll have much more access to freedom of spending and reduced stress levels. We all have goals and aspirations for the year, perhaps these could include home renovations or new cars. However, we can’t always afford them all at once, so, why don’t you look more into personal loans? Click here to learn more.