Do You Keep A Checking Account Balance?

[Guest FourAces]

I have never been the most responsible when it comes to handling my money. I probably spend far more than I should save far too little and in general don't respect it much.

One thing I noticed is I do not keep a check account balance ... am I the only one?

I look at it this way X amount is in the account and any given time, I spend X amount on bills and X amount of entertainment. I know I have enough to cover X amount each month so why bother keeping track?

What I do do on a daily basis is look at my online checking account activity to be certain of what has cleared and what has been deposited are correct. Otherwise, no formal balancing the pennies here.

How about you all?

[Guest EXPAT]

I used to really minimize how much was in my checking account because the interest on such accounts are so low. But now interest is so low in any current account (savings or otherwise) that it really isn't material. I just make sure I have enough in there for a month or two of spending. I keep as much as I can in investment accounts and transfer as needed.

[Guest lurkerspeaks]

Not sure which question was intended--1) do you keep money in your checking account or 2) do you keep track of/balance your checkbook for your checking acct.

My answers for both are.. yes, I do keep a certain amount in my checking acct. But I do have a backup savings acct linked to the same acct in case of an accidental overdraft.. and for the second, no, I do not keep a running balance.

[Guest CharliePS]

I check the balance online in all of my accounts, checking and savings, almost every day, to make sure it balances with the written account I keep.

[caeron]

In high school, when I first got a checking account a LOT of years ago, I was meticulous about keeping a running balance for about 6 months and comparing it to the bank.

Then, I realized that it was a lot of time to spend for potentially very little return, and have not done so since. No regrets. I review the bank statements for any anomalies, and do sometimes find them (have had a few fake charges on the credit cards that required reissue of the cards), but otherwise don't bother.

And as Expat says, the difference in return on cash accounts is so trivial as to be immaterial unless you have a LOT, LOT more money in cash accounts than I do!

I tend to keep most of my cash in the checking so I have easy access if something comes up.

My first job out of school was in Tokyo. Back then ATMs were only open when the banks were open, so I got in the habit of carrying lots of cash after a few weekends when I ended up tapped out too early (horrors for a young gay man!!). I carry that general perspective today, so I like my cash accessible because you never know.

[JKane]

I tend to use my Debit card nearly constantly, or at least I did, and between that and telephone/internet banking I never saw the need to keep a total manually, myself.

I, of course, check the statements carefully, and am generally aware of my balance, so I know if there is fraud. When it's happened I haven't had much trouble at all getting those charges reversed. I think most of the people with horror stories on that front are BofA customers!

[Lucky]

Other than the Costco annual rebate I got today for $127, I have no money to keep track of.

[seattlebottom]

I created an excel program to keep tabs of my money and everytime I spend money I immediately update it. My dad who still does it old school with the statement he gets from the bank and no calculator.

[Guest epigonos]

I write as few checks as possible. My retirement checks are direct deposited and I pay ALL my bill online. The bank keeps a running total of how many payments I schedule and the amount. I only keep enough money in my primary account to cover those payments I have scheduled for the next month. I also keep money in the account to cover my monthly spending money. The remaining money I transfer to a vacation account. When I need cash I use my ATM card. I HATE writing checks

[Guest EXPAT]

I agree in check writing. I just pay everything directly from my account. I think the only checks I wrote are to some charities.

[Guest FourAces]

I agree in check writing. I just pay everything directly from my account. I think the only checks I wrote are to some charities.

I as well pay all my bills online. I write two checks a month in most cases as those vendors are not set up for online payments.

[KYTOP]

Yes I have always been very detailed in regards to my checking account.

[AdamSmith]

Stopped reconciling checkbook ledger with statement 15 years ago, or even keeping running balance in checkbook. Use ATM to check current balance. When paying bills online couple times per month, I eyeball online statement to be sure I recognize all transactions. Never any problems to date, even though my bank is the deservedly reviled BofA.

[BigK]

Stopped reconciling checkbook ledger with statement 15 years ago, or even keeping running balance in checkbook.

That's not very Adam Smith of you.