Comments on: Money Poll #10: Checkbook Balancing http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/ personal finance tips, tricks, and commentary Tue, 14 Feb 2012 01:20:12 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Dave http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4290 Dave Thu, 04 May 2006 21:21:24 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4290 My dad was an accountant and so at an early age I learned to balance my checkbook. Within a few years of college graduation I realized that even if I figured $5/hour for reconciling my checking account, it was costing me more than I would ever recover for errors. I determined then and there not to worry ever again about finding a penny error. I don't even keep a balance other than what the bank tells me I have. I figure there computers can do the work better than I can. I admit that I do a resonablness check in my head every month or two, but the odds that they are wrong is infintessimle small. My dad was an accountant and so at an early age I learned to balance my checkbook. Within a few years of college graduation I realized that even if I figured $5/hour for reconciling my checking account, it was costing me more than I would ever recover for errors. I determined then and there not to worry ever again about finding a penny error. I don’t even keep a balance other than what the bank tells me I have. I figure there computers can do the work better than I can. I admit that I do a resonablness check in my head every month or two, but the odds that they are wrong is infintessimle small.

]]> By: Independent George http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4168 Independent George Tue, 02 May 2006 16:12:25 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4168 Back when I used checks, I would balance it every week. But since I do 99.99% of all my transactions online, I really don't see the need. I suppose having a hard copy is good to have in case of errors, but it doesn't seem worth it to replicate by hand something that is already updated automatically, in real time. Back when I used checks, I would balance it every week. But since I do 99.99% of all my transactions online, I really don’t see the need. I suppose having a hard copy is good to have in case of errors, but it doesn’t seem worth it to replicate by hand something that is already updated automatically, in real time.

]]> By: Blaine Moore http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4165 Blaine Moore Tue, 02 May 2006 12:42:24 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4165 Well, I balance my credit card statements and everything as I go along as well. I track every penny that goes into or out of my house. Well, most of them; I haven't gotten my soon to be wife completely integrated yet. Mostly, though. Well, I balance my credit card statements and everything as I go along as well. I track every penny that goes into or out of my house. Well, most of them; I haven’t gotten my soon to be wife completely integrated yet. Mostly, though.

]]> By: Matt http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4163 Matt Tue, 02 May 2006 07:18:12 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4163 I only write three checks per month, so balancing is pretty easy. I only write three checks per month, so balancing is pretty easy.

]]> By: Charles http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4162 Charles Tue, 02 May 2006 05:52:14 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4162 I was really lazy at doing my balance, now when i write a check i take away an extra $5 (i.e. $100 i will debit 105$), that way i am covered and socking away extra savings. I was really lazy at doing my balance, now when i write a check i take away an extra $5 (i.e. $100 i will debit 105$), that way i am covered and socking away extra savings.

]]> By: Cuddy http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4124 Cuddy Mon, 01 May 2006 21:26:26 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4124 Believe it or not but I've stopped using checks last November and am completely using online banking and bill pay services. I was to the nickle before then. Believe it or not but I’ve stopped using checks last November and am completely using online banking and bill pay services. I was to the nickle before then.

]]> By: Miller http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4101 Miller Mon, 01 May 2006 19:41:59 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4101 With all the electronic stuff these days, it's pretty easy to balance things. I guess it's more a question of tracking all those line items in your checking accnt statement as they occur and then later verifying them, right? With all the electronic stuff these days, it’s pretty easy to balance things. I guess it’s more a question of tracking all those line items in your checking accnt statement as they occur and then later verifying them, right?

]]> By: Blaine Moore http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4088 Blaine Moore Mon, 01 May 2006 17:05:17 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4088 Well, that's how I am, Sean. I consider "balancing" when I reconcile the statement to what I think I have. I always think I have less than I do, since my bank account doesn't take into account money I've already earmarked for something but haven't actually paid yet. Well, that’s how I am, Sean. I consider “balancing” when I reconcile the statement to what I think I have. I always think I have less than I do, since my bank account doesn’t take into account money I’ve already earmarked for something but haven’t actually paid yet.

]]> By: sean http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4087 sean Mon, 01 May 2006 16:51:43 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4087 I don't do any balancing, because I know precisely what's in our checking account. To the penny. Every day. When I get my statement, sure, I'll reconcile it to make sure there wasn't a bank or fat finger error, which has been known to happen every now and then. But I can't imagine not knowing what was in our checking account - seems a sure way to get into trouble to me... I don’t do any balancing, because I know precisely what’s in our checking account. To the penny. Every day.

When I get my statement, sure, I’ll reconcile it to make sure there wasn’t a bank or fat finger error, which has been known to happen every now and then. But I can’t imagine not knowing what was in our checking account – seems a sure way to get into trouble to me…

]]> By: Daytonscott http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4084 Daytonscott Mon, 01 May 2006 15:26:38 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4084 I usually balance to the penny, but I will eventually give up and put in a "balance adjustment" after a half-hour or so. I usually balance to the penny, but I will eventually give up and put in a “balance adjustment” after a half-hour or so.

]]> By: Anonymous http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4081 Anonymous Mon, 01 May 2006 14:58:34 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4081 Yes, my checkbook is balanced to the penny, almost daily in Quicken. However, I don't take credit for it. My wife does that. I wouldn't be where I am today without her. Never underestimate the power of having a spouse who shares your financial goals. Yes, my checkbook is balanced to the penny, almost daily in Quicken. However, I don’t take credit for it. My wife does that. I wouldn’t be where I am today without her. Never underestimate the power of having a spouse who shares your financial goals.

]]> By: Blaine Moore http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/comment-page-1/#comment-4060 Blaine Moore Mon, 01 May 2006 12:42:49 +0000 http://www.fivecentnickel.com/2006/05/01/money-poll-10-checkbook-balancing/#comment-4060 Oh yeah, I always need to know where every penny went. I even have a category in my finance software, "rat bastages overcharged me". Oh yeah, I always need to know where every penny went. I even have a category in my finance software, “rat bastages overcharged me”.

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