Kick'n it Old School

Document created by missyb4 on May 18, 2016
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I would advise everyone to use a checkbook register. Yes, I know it's old School but it really is the best practice. I've seen so many of my friends and family get in financial trouble, due to not keeping accurate financial records. I understand a debit card is convenient, but how many times do you swipe it and forget. If you make a purchase and forget, or write and check and forget to write it down, you then have the possibility of over drafting. If you overdraft in your account you are giving away your money to the bank in fees. While at college, I had my first debit card for my checking account. I was really good about trying to keep balanced and would log-in and check my balance on my online banking frequently. One time I made a purchase at a small farmers market and forgot. When I logged into my online banking it looked like I still had money because the farmer's market processed their transactions the next day. I went out and spent more money that night, so when the farmer's market transaction went to clear, there was not enough money left. I over drafted my account.  I knew I was down to my last bit of spending money and wouldn't get paid till the following Friday. When I finally got my direct deposit from my part-time job, almost my entire paycheck was gone. Not only did I get an overdraft fee but I got more fees for having overdrawn for more then 5 days.

I had to ask my parents for money that month, which is something I hate having to do. Ever since that day, I keep and old checkbook register and make sure to write all debit transactions in at the time I make them. I then check my checkbook register to my online banking to make sure everything squares up. Comparing my checkbook register to my online banking has also made me aware of fraudulent charges on my checking account. If i wasn't comparing, I may have not have noticed the small charges made on my account and not have been able to dispute them. I think my back told me you only have 60 days to dispute. In the long run it may seem old lady-ish as some of my friends have joked, but I always know what's happening in my account.