How to Regularly Balance Your Checkbook

Get your checkbook and ledger book, gather your ATM and deposit receipts and grab a calculator and a pencil. It's time to do some balancing!

Instructions

Difficulty: Moderately Easy

Check Your Numbers

1. Separate your returned checks and ATM withdrawal slips into two piles.
2. Put your returned checks in numerical order and compare to your ledger book by putting an "X" in the ledger by every figure that matches a canceled check.
3. Put your ATM withdrawal slips in order by date and compare to your ledger book by putting an "X" in the ledger for every figure that matches an ATM withdrawal.
4. Make final changes in your ledger after comparing your deposit receipts with your bank statement. Put an "X" on your statement by every figure that matches with a deposit receipt.

Calculate Your Balance

5. Write down your checkbook's current balance at the top of a piece of paper or on the back of your statement (some banks provide a worksheet on the back of each statement for calculating your balance).
6. Subtract amounts for uncleared deposits and bank fees, such as monthly fees or those for (gasp!) bounced checks, and subtract from your calculated total.
7. Add any uncleared checks and the interest you have earned to this figure.
8. Compare the final figure to your bank statement.

Tips & Warnings

• If you notice any discrepancies, notify your bank.
• If you feel that your bank unfairly charged you in any way, contact your bank.
• If you notice any discrepancies or cannot reconcile your final balance to the bank statement, double- and triple-check your calculations. If you continue to find discrepancies, notify your bank.
• Be wary of misplaced decimals when making calculations.