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How To Balance Your Checkbook

Watch more How to Use the Bank Wisely videos: Subscribe to Howcast's YouTube Channel - No idea how much is in your checking account? Learn how to balance your checkbook with these step by step instructions. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. Step 1: Keep track Keep track of all the checks your write, the money you withdraw from your checking account at ATMs, and the purchases you make with a debit card. Enter everything into the registry that came with your checkbook. Step 2: Get organized Find or download your latest bank statement, grab your checkbook registry, a piece of lined paper, and a pen or pencil. Step 3: Mark cleared checks Look at your statement to see which checks have cleared, and tick them off in your register. Step 4: Verify deposits Verify that any deposits listed on the statement are recorded in your register. If they're not, enter them. Step 5: Reconcile withdrawals Compare any withdrawals you made, whether through a bank teller, an ATM machine, or a debit card, with the amounts debited on your bank statement. If you missed any, write them in your checkbook registry now. Tip Keep your ATM receipts until you can verify them on your bank statement. Step 6: See what's left Note any additional amounts listed on your statement, like interest added to your account or bank fees that were deducted. Record these in your register. Then update your ending balance. Step 7: Create a balancing ledger Take the piece of lined paper and divide it into two columns. In the first column, write down all your outstanding deposits and total them. In the second column, add up your outstanding checks and any cash withdrawals or debit purchases that are not on your bank statement. Step 8: Do some math Take the ending balance on your bank statement, add the outstanding deposit total, and then subtract the outstanding checks, withdrawals, and debit charges. This is the total amount currently available to you in your checking account. And your checkbook is now balanced! Did You Know? According to a survey, 40 percent of Americans don't balance their checkbook and 20 percent don't keep track of their finances at all.
Length: 01:51


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