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I’m an Xer who hasn’t kept a paper check ledger for 20 or so years.
However it’s only been in the past year or so that my lawn guy has moved to online billing I can pay with a credit card and I’ve gotten Venmo set up to pay the cat sitter. Those were like the last regular or semi-regular paper checks I was writing.
Honestly, I have never "balanced my checkbook". I use online banking and use a credit card for all of my purchases and expenses. I check my credit card account daily to ensure there are no bogus charges. Every month I use my checking account to pay off the balance of my credit card. Am I missing something? Why would I need to "balance" my checkbook?
Honestly, I have never "balanced my checkbook". I use online banking and use a credit card for all of my purchases and expenses. I check my credit card account daily to ensure there are no bogus charges. Every month I use my checking account to pay off the balance of my credit card. Am I missing something? Why would I need to "balance" my checkbook?
My guess is that you're too young to remember when a checkbook was the alternative to cash rather than a credit card. Low Expectations has explained the process above.
I'm curious to know if they are as religious about doing this as Gen X and older generations. Or do they slack off and do it only a couple times a year?
Gen Z doesn't use checkbooks. They're antiquated. For that matter, in some parts of Europe, cash is antiquated.
It’s not the same thing. Those People who balanced their check books did so because of the volume of checks they wrote, the transit times of mailing checks, plus the time it took for checks to clear. Depending on who you mailed the check to and when they deposited it, it could takes weeks or more for the check to clear your account. Pending charges hit debit/credit cards near instantly, checks often convert to ach and clear within a day or two. The balancing was mostly a function of time lag
Other people ran their finances based on the float time. Kids today don't know cursive or how to kite checks.
I'm curious to know if they are as religious about doing this as Gen X and older generations. Or do they slack off and do it only a couple times a year?
Gen X? Hell, Millenniums don't even know what a checkbook is...
Gen Y/Z are still trying to figure out which restroom to use...
I'm a boomer, and yes, that is what I do: keep track of every transaction and write it down in the checkbook. Each month, when the bank statement arrives, I go through it until all errors have been reconciled (Not all of the errors are my fault). After my father died, I did the same for my mother until she died 6 years later and I settled the estate.
You can use Excel instead of your checkbook. After I settled the estate, I made a number of Excel spreadsheets, including every checkbook entry from the time my dad died until the estate was settled. I handed out the smaller spreadsheets to my sister. The complete checkbook spreadsheet is 40 pages, but is available if requested.
I have never overdrawn a checking account in the over 40 years that I have had accounts.
What kind of errors do you find??
Quote:
Originally Posted by kj1065
Maybe the new balancing your checkbook is reconciling your credit card? I hope all of you at least check your credit card statement for fraudulent charges.
I'm a boomer and stopped balancing my checkbook 20+ years ago. I do use 2 credit cards and look at them online every few days. I also look at my bank statements online every few days, I look at the bills that have been automatically paid and deposits to my account. I used to get emails when the bills were about to be paid and then another email when they were paid. I stopped this too, I just find it's unnecessary now with online banking.
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