Get the free Balance Your Checkbook

FEDERAL DEPOSIT INSURANCE CORPORATION Money Smart Podcast Network Update MODULE 2: CHECKING ACCOUNTS 23: Balance Your Checkbook Cast List Darryl Terri Dr. Jeffrey Mason, 4555 male Kim Simmons, R.N.,

How to fill out balance your checkbook

How to fill out balance your checkbook?

1. Gather all necessary information: Make sure you have your checkbook, a pen, and your bank statement or online banking information.
2. Start with the opening balance: Write down the starting balance from your bank statement or online banking.
3. Record all deposits: Write down any deposits you have made since the last balance, including paychecks, transfers, or other income.
4. Note all withdrawals: Write down any checks you have written or electronic payments you have made since the last balance.
5. Subtract any fees or charges: If your bank has deducted any fees or charges, subtract them from the current balance.
6. Add any interest earned: If your bank pays you interest on your account, add this amount to the current balance.
7. Calculate the new balance: Add up all the deposits, subtract all the withdrawals, and adjust for any fees or interest to determine the new balance.
8. Record the new balance: Write down the new balance in your checkbook and update it accordingly.

Who needs to balance their checkbook?

1. Individuals who regularly use checks: If you frequently write checks for your expenses, it is essential to balance your checkbook to ensure accurate account records.
2. People who use electronic payments: If you make online or electronic payments from your bank account, balancing your checkbook will help you keep track of these transactions.
3. Those who want to maintain financial organization: Balancing your checkbook helps you stay organized and provides a clear picture of your available funds, ensuring you don't overspend or incur overdraft fees.

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