Balance Your Checkbook
Back in the day keeping up to date on your bank balance was referred to as balancing your checkbook. This article gives tips on how to maintain a balanced checkbook.
Before the modern Internet age where information is more easily accessible people would keep track of their bank account balance with a checkbook. Now bank statements are just a few clicks or taps away. The original article is a bit antiquated as it was written in the mid 2000s but the principles for keeping a healthy bank account remain intact.
Make sure you balance your checkbook. I know it can be tedious work, but it must be done. Every time you make a withdrawal or deposit make a note in your checkbook. Depending on how active your bank account is I would suggest setting aside time to balance your checkbook once a week, once every two weeks, or once a month.
If you don’t keep it balanced you risk bouncing checks or over an withdrawal and that will lead to fees. Fees can range anywhere from $20 to $60 for a bounced check depending on the bank and what type of account you have. Over time the bank may raise their fees for your account if you continue to bounce checks, or they may cancel your account.
Banks may also report an over-withdrawn account to the credit bureaus and this negatively affects your credit score, which can lead to higher interest rates on credit cards, loans, and it will be harder to be approved for new lines of credit.