But if you never use checks to pay for things, this is not as much of an issue. One of the key reasons people have balanced checkbooks manually in the past is that it allowed them to keep track of checks that had not yet cleared. Quicken may be the most popular, but there are other tools such as GnuCash and You Need a Budget that have similar capabilities. If you still want to feel directly engaged with your finances by entering transactions, you can do so on the computer online through any number of accounting programs. Did you transfer money from your checking account to your brokerage account? Did you pull money from your online savings account to make an extra mortgage payment? These sites don't miss a thing. These sites let you see everything from bank accounts to investment portfolios, loans, and even college savings accounts. If you want to see your full financial picture in one place, websites and apps such as and Personal Capital will let you aggregate your accounts into a single view. (See also: 5 Ways to Automate Your Finances) 5. Automate enough, and you may be able to "set and forget" a lot of your monthly transactions. This means you will never miss a bill, and the possibility of error is very small. You can even select the dates when you want money to go out. It's may not be possible to automate everything, but the bulk of your income and most of your major bills (mortgage, loan payments, utilities, etc.) can all be sent directly from your bank account with no check required. It's possible these days to send paychecks directly to your bank account through direct deposit, and also set up bills to pay automatically as well. It's also possible to get fraud alerts via text. You'll know the very second when a check clears or when a bill is paid, so you're never confused about where you stand financially. You can get text alerts for when your balance dips below a certain limit, or when you face a possible overdraft charge. If you really want to stay on top of every dollar that goes in and out, you can use online banking apps to set up text alerts for when transactions post. (See also: These 5 Apps Will Help You Finally Organize Your Money) 3. Other apps like Clarity Money and Wally will also help you track spending money so you know precisely what's going in and out at any given time. Many of them also allow you to deposit checks by sharing an image. If you have online banking, most banks also offer smartphone apps with the same functionality as their websites. (See also: 5 Best Online Savings Accounts) 2. There's no waiting around for monthly statements you can look immediately to see if a transaction cleared, and you'll notice any errors immediately. It's easy to check balances, transfer funds, and pay bills. Online banking gives you a real-time look at your money, so you know if payments and deposits are processed correctly. In fact, many modern banks don't have physical branches at all. These days, every bank encourages you to sign up for their online banking service. So how do we do it? Check out these ways to balance your checkbook in the modern age. It's still necessary to make sure you're tracking withdrawals and deposits and staying on top of your checking account balance. But these days, balancing your checkbook manually isn't nearly as essential due to advancements in technology and changes to our financial habits. It's akin to how some people still listen to compact discs or carry around flip phones. It was time to balance the checkbook - an essential task for any family looking to accurately track spending, avoid overdrafts, and stay on budget.īalancing your checkbook is still practiced in some circles. I remember watching my mom sit at the kitchen table at the end of each month, examining a checkbook ledger and paper statement from the bank.
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