I live, write, and garden in the PNW with my husband of 27 years, disabled daughter, college-aged son, and my 84-year-old mother. We have paid off $250,000.00 worth of debt (if you include the interest) in the last fifteen years and as of 6/12/2020 are 100% DEBT FREE!!!!One thing that I really need to get better at is balancing my checkbook. I tend to go for days with a general idea of where I am in the checking account, but I don't actually sit down and do the actual math. This makes it really easy to burn through money that probably should have been spent on other things or put into savings.
So I'd really like to break that bad habit. I need to try to keep it up to date and balanced daily, and if not daily then every other day. I also need to enter it into some kind of tracking software at least once a week.
Tracking software goes hand in hand with another thing I'd like to begin. I want to start tracking all expenses. Ultimately I'd like to do it all year, every year, but I think for now I'd like to do it starting with January and try it for a month and then re-evaluate after I get through the month. I'd like to keep a little notebook in my purse so I can write down everything and then transfer it over into a spreadsheet or something like that.
If I can manage to keep a spending journal and balance my checkbook daily, I think the miscellaneous money that gets frittered away would stop frittering and things would be easier for us.
Financial Bad Habits--Managing the Checkbook
December 31st, 2006 at 05:46 am
December 31st, 2006 at 05:51 am 1167544266
December 31st, 2006 at 05:54 am 1167544484
Now I just have to take the advice I just gave you!
December 31st, 2006 at 05:56 am 1167544604
Good luck
December 31st, 2006 at 06:58 am 1167548280
I even add before I add - if that makes any sense - so if I'm waiting for a bill, I'll add the estimate, or if I'm moving money to savings, I move the money out while I track it. I carve up my paycheck so I know what I spend.
I reconcile every couple of days or so from my online account. Its my secret!
January 1st, 2007 at 02:32 am 1167618747
The simplest and most obvious way is to simply use different sets of cash from different physical envelopes. We all know that, and it works.
Other methods include simply pocketing receipts and then listing it on spreadsheet or tracking software at the end of the night and let the computer do it for you.
My method is to do all that on my PDA, and I do it on the spot, right after I leave the check-out line.
It's just some thoughts anyway, and like PricePlus said, once we find a method that works best for us, the rest is just a matter of getting used to it as a habit. After that, it'll work pretty much on auto-pilot.