How to Effectively Manage Your Checkbook
The first step in managing your checkbook is knowing the proper way to write checks. First – always use a pen and write as neat and clear as you can and only write a check if you know you have the money in your checking account to cover it.
Writing Checks
Fill in these 6 areas on your check:- Date – Write the date that you are filling out the check.
- Pay to the order of – Fill in who (the names of the person or place) the check is going to
- Amount – Write, in numbers, the amount that the check is for.
- Dollars – Write out, in words, how much the check is for.
Write any cents as a fraction. Then draw a line through any extra space. - Signature – (This is the line at the bottom right hand corner). Sign your name as it is printed at the top of your check.
- Memo – Write what the check payment is for.
How to effectively manage your checkbook:
The best way to keep track of the money that you have in your checking account is by using your checkbook, or check register. This is where you write down everything you do with your account. Whether you pay for something by check, by debit, withdraw or deposit money and the fees associated with these transactions.Start by recording the balance that is in your checking account in your check register. Then add or subtract any transaction that is made to the account on a rolling basis. Make sure to always include the date of the transaction, what type of transaction occurred, the check number if applicable, the money amount of the transaction and finally the ending balance.
Important Tip: When you withdraw or deposit money, or write a check on your account, be sure to record it in your checkbook right away. It’s easy to forget if you wait.
This is a secure website - your information will be encrypted. Click on the image below for more security information.
