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I agree. The first thing I do when I get home from shopping is pull out my receipts and right them down in my checkbook register. Some transactions take days to show up online and I'd rather know right now how much money is in my account.
Same here, I am a detail person in that regard I guess. I always know exactly how much I have after I've recorded each day's transaction(s).
I haven't written a check out in over 3 years, but I still keep the register and use it to keep track of all debit transactions and balance my account for one simple reason - I use the rounding system. Whenever I use my debit card, I round up to the next dollar. For example, a purchase of $9.79 get written in my register as $10. Every few weeks, I check the balance online and whatever the "extra" amount exists in change get transfered into my savings, usually somehwere between $25 and $50. Just another way to help save money!
I still balance my checkbook, but I don't use a physical checkbook. I use Microsoft Money and I make sure it balances to my bank statement every month. I think it's idiotic to just trust the bank. I have lots of money moving in and out, and I want to make sure there's nothing that I didn't authorize. I do the same thing with my credit cards. Every charge is tracked and reviewed to make sure it's legitimate. I don't understand people who don't do that, and then are shocked to find thousands of dollars worth of charges that they never even knew about.
I also use Microsoft Money. I was disappointed to learn they stopped developing it. I have been using it for probably 7 years since I was around 16 years old. I also find my own management of transactions necessary for peace of mind. After I initiate a transaction, I enter it, and when it shows up (0-4 days later) then I mark it as cleared and that way, I can confirm each and every transaction. I do not download ANY data from the financial institutions because that would defeat the purpose and I like keeping custom, exact names/categories just how I want them.
Lately I have even been tracking my flight miles and other rewards programs which the software handles fairly nicely. It is great how my investments also get tracked and the value of them although at times the amounts are rounded a cent differently and I can't understand why--or which is "correct," either the institution or the software. I have seen rounding differences in both directions too so several transactions can often cancel the differences out. But I adjust the other values just enough so the dollar amounts are exact.
The graphs and tracking capabilities are simply unbelievable. Once you get a good 3 months of typical income/expenses entered everything becomes so much more clear and useful.
I used the software years ago when my income/expenses were very simple--small income here and there and very sporadic expenses. Then I started skipping weeks or months which snowballed into "why even bother." A few months ago I had some major life changes and have been consistently tracking everything since then and it is going well. Now I have a lot more complexity too that makes the information a lot more valuable. I can plan my savings efforts and see how adjustments will impact my finances over time.
I haven't written a check out in over 3 years, but I still keep the register and use it to keep track of all debit transactions and balance my account for one simple reason - I use the rounding system. Whenever I use my debit card, I round up to the next dollar. For example, a purchase of $9.79 get written in my register as $10. Every few weeks, I check the balance online and whatever the "extra" amount exists in change get transfered into my savings, usually somehwere between $25 and $50. Just another way to help save money!
I've been doing this for years, and the extra can really add up for savings.
I have still been balancing my checkbook even though I hardly ever write checks anymore. I still have been tracking my credit/debit card this way but I'm beginning to think I'm one of the few that still does this.
My family members say they don't need to because they do online banking, well I bank online so do I still really need to be doing it the old fashion way??
So tell me if you bank online do you still keep a register? and if not how do you track your money?
Thanks!
My 71 year old mother banks on line. I don't! Can't get use to it. Don't trust it.
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