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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?
My boomer bride reconciles the checking account every day. Both with a paper register AND online. I think that's a bit over the top... but it makes her happy.
Tell me about it. Like with me getting paid this weekend, you would not believe what I have on my plate. For one I need to subtract my Chase payment on the 11th and American Express on the 12th. And THEN my BJ's credit card is paid on the 19th. ANDDD...I need to cut a check to the cleaner. And whatever is leftover after that complex math, I have to log into my bank and transfer the remainder from my checking to my savings. But I'm not finished yet...all this has to be WRITTEN DOWN!!!!!!
I have an emergency therapy session scheduled because I don't know how I'm going to deal with this stress along with everything else.
All completely unnecessary with today's technology. But enjoy making extra work for yourself.
All completely unnecessary with today's technology. But enjoy making extra work for yourself.
Agree completely.
Way back when, I actually would enjoy "balancing the checkbook".
I think I might write two checks a year--normally for either a wedding couple or a birth of a baby.
Technology does it all for me. It doesn't make math mistakes. I do check my credit card/bank accounts every few days to be sure no fraud has happened.
Every so often I will have a person in front of me at the store "writing a check". Why?? What is the point? They hand you the check back after it is processed. Unnecessary paperwork. I am 65 years old and my goal has always been to keep up with technology.
All completely unnecessary with today's technology. But enjoy making extra work for yourself.
Quote:
Originally Posted by GiGi603
Agree completely.
Way back when, I actually would enjoy "balancing the checkbook".
I think I might write two checks a year--normally for either a wedding couple or a birth of a baby.
Technology does it all for me. It doesn't make math mistakes. I do check my credit card/bank accounts every few days to be sure no fraud has happened.
Every so often I will have a person in front of me at the store "writing a check". Why?? What is the point? They hand you the check back after it is processed. Unnecessary paperwork. I am 65 years old and my goal has always been to keep up with technology.
Once again that argument fails, as there is currently no "technology" that will predict in advance what transactions are coming out of your account over the next paycheck/budget cycle. I don't know what's so hard about that to understand. You may find it "worth the penalty" to keep an extra cushion in your checking so you don't have to watch it as closely, but that is strictly subjective and in no way proves that your preferred method is the answer. This super rigid thinking and inability to consider that it's not a "one-size-fits-all", demolishes your credibility when it comes to advising others.
Another thing about checks, sometimes it is simply the best option. For example, I have to pay property taxes to the town four times a year and auto excise once a year. They charge something like a $3 convenience fee to use a CC. Pay by check, it's free. I'm sure most of you folks here would happily give that up as you are so wealthy that you don't need to sweat the "small stuff", just like you freely let the bank have that extra $20 of interest a year. But all these "small things" really do add up over time, as anybody who starts an online budget is going to learn. ATM fees are another big one that so many people sheepishly throw their money away on, that could easily be avoided with some minimal diligence.
Another thing about checks, sometimes it is simply the best option. For example, I have to pay property taxes to the town four times a year and auto excise once a year. They charge something like a $3 convenience fee to use a CC. Pay by check, it's free. I'm sure most of you folks here would happily give that up as you are so wealthy that you don't need to sweat the "small stuff", just like you freely let the bank have that extra $20 of interest a year. But all these "small things" really do add up over time, as anybody who starts an online budget is going to learn. ATM fees are another big one that so many people sheepishly throw their money away on, that could easily be avoided with some minimal diligence.
Credit card sign up bonuses or special category bonuses or rewards cover the credit card convenience fee.
The convenience fee for paying my property taxes online was like $67 this year. I’ll get about $22 worth of Delta SkyMiles back directly by charging it on the AmEx SkyMiles Platinum card.
Additionally, that charge is part of the strategy for hitting the Medallion-Qualifying Mile bonuses on that credit card. Said MQM bonuses are a noteworthy part of my strategy for staying a Platinum Medallion elite with Delta because PM status lets you but a Main Cabin ticket and get yourself and a companion automatically upgraded to Comfort+ seats at time of purchase. As a leggy broad married to a 6’2” fella, I would otherwise be paying for a C+ ticket on our flights, so the $67 convenience fee for the property tax payment got leveraged into something that saved out household something like $1200 this year in plane ticket costs.
(We spent a couple years of trying different airlines and discovered that Delta suited our travel needs decidedly better than other options so have gone full in with that airline and frequent flyer program.)
Once again that argument fails, as there is currently no "technology" that will predict in advance what transactions are coming out of your account over the next paycheck/budget cycle. I don't know what's so hard about that to understand. You may find it "worth the penalty" to keep an extra cushion in your checking so you don't have to watch it as closely, but that is strictly subjective and in no way proves that your preferred method is the answer. This super rigid thinking and inability to consider that it's not a "one-size-fits-all", demolishes your credibility when it comes to advising others.
Agree. There is not a "right" way. Just what's "right for you".
However that goes both ways. You saying your way is "better" is also subjective.
Quote:
Originally Posted by massnative71
Another thing about checks, sometimes it is simply the best option. For example, I have to pay property taxes to the town four times a year and auto excise once a year. They charge something like a $3 convenience fee to use a CC. Pay by check, it's free. I'm sure most of you folks here would happily give that up as you are so wealthy that you don't need to sweat the "small stuff", just like you freely let the bank have that extra $20 of interest a year. But all these "small things" really do add up over time, as anybody who starts an online budget is going to learn. ATM fees are another big one that so many people sheepishly throw their money away on, that could easily be avoided with some minimal diligence.
Yes - because they don't want to pay the merchant/interchange fees. Or even want to have the headache of becoming a credit card merchant, so they farm it out.
However, I've never seen a place where those are the ONLY options. Usually, they'll also offer direct debit/ACH. And of course, you can walk into the office.
But even with check payments - you have the option of doing bill pay. So no paper check required.
Yes - because they don't want to pay the merchant/interchange fees. Or even want to have the headache of becoming a credit card merchant, so they farm it out.
With government taxing entities, they also often aren’t legally allowed to absorb the cost of merchant fees if you want to pay taxes via credit card. The IRS also hits you with a credit card surcharge if you want to pay a tax bill that way. (The last time we had to pay federal income tax, we credit carded it because my local post office is garbage about getting mail somewhere in a timely manner and it seemed creepy to give the IRS direct access to what was our only bank account at the time.)
Oddly enough, my municipal water-sewer service lets you pay your water bill online without a credit card surcharge. So an extra 1200 or so frequent flyer miles each year just by paying my water bill that way.
Once again that argument fails, as there is currently no "technology" that will predict in advance what transactions are coming out of your account over the next paycheck/budget cycle.
How would I not know that what is coming out of my account over the next paycheck/budget cycle?
Obviously we do our finances differently.
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 here and I never balance my checkbook. I do telephone banking and always know about how much is in there, and that is the extent of it. Better things to do with my time.
Last edited by BeerGeek40; 12-13-2022 at 10:21 AM..
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. But I'm not finished yet...all this has to be WRITTEN DOWN!!!!!!
How would I not know that what is coming out of my account over the next paycheck/budget cycle?
