How to Budget a Checking Account
Familiarize yourself with your account., Get duplicate checks., Save your receipts., Use your checkbook ledger., Review your statements., Balance your account regularly., Keep track of scheduled payments.
Step-by-Step Guide
-
Step 1: Familiarize yourself with your account.
Budget a checking account and avoid unforeseen shortages by understanding the specifics of your checking account.
Know the minimum balance you're required to keep in the account, the fees charged if your balance drops below that amount and the dates when any other fees will be deducted.
Knowing this information will help you keep track of your balance and avoid overdrawing your account. -
Step 2: Get duplicate checks.
Use duplicate-style checks to help you track your expenses and budget your checking account.
Duplicate checks include a carbon copy receipt along with the check, giving you documentation of the amount and date of each check you write.
This will be useful in balancing your checkbook ledger and tracking your budget. , Save receipts for all purchases out of your checking account.
This will help you track spending while budgeting your checking account.
Having actual receipts will also help you remember to record your expenses. , Your checkbook ledger is a valuable tool in budgeting your checking account, because it helps you itemize every dollar amount that is deposited or debited to or from your account.
Record every transaction in your checkbook ledger and keep it somewhere secure but easily accessible. , Review your checking account statements when they are released to you.
Balance the statement's list of transactions against the transactions listed in your checkbook ledger and watch for any double charges or unfamiliar or suspicious transactions.
Contact your bank immediately if any irregularities are present on your statement. , It's important to review your banking history and balance your checking account regularly so you're aware of your spending habits or any suspicious activity.
Schedule a time to review your account and balance your transactions at least once a month. , Be sure to log any transactions that are scheduled to automatically happen, like direct deposit of your paycheck or automatic monthly debits for utility bills.
It's important to include these automatic transactions to keep your budget accurate and to ensure there is enough money in your checking account to cover them. -
Step 3: Save your receipts.
-
Step 4: Use your checkbook ledger.
-
Step 5: Review your statements.
-
Step 6: Balance your account regularly.
-
Step 7: Keep track of scheduled payments.
Detailed Guide
Budget a checking account and avoid unforeseen shortages by understanding the specifics of your checking account.
Know the minimum balance you're required to keep in the account, the fees charged if your balance drops below that amount and the dates when any other fees will be deducted.
Knowing this information will help you keep track of your balance and avoid overdrawing your account.
Use duplicate-style checks to help you track your expenses and budget your checking account.
Duplicate checks include a carbon copy receipt along with the check, giving you documentation of the amount and date of each check you write.
This will be useful in balancing your checkbook ledger and tracking your budget. , Save receipts for all purchases out of your checking account.
This will help you track spending while budgeting your checking account.
Having actual receipts will also help you remember to record your expenses. , Your checkbook ledger is a valuable tool in budgeting your checking account, because it helps you itemize every dollar amount that is deposited or debited to or from your account.
Record every transaction in your checkbook ledger and keep it somewhere secure but easily accessible. , Review your checking account statements when they are released to you.
Balance the statement's list of transactions against the transactions listed in your checkbook ledger and watch for any double charges or unfamiliar or suspicious transactions.
Contact your bank immediately if any irregularities are present on your statement. , It's important to review your banking history and balance your checking account regularly so you're aware of your spending habits or any suspicious activity.
Schedule a time to review your account and balance your transactions at least once a month. , Be sure to log any transactions that are scheduled to automatically happen, like direct deposit of your paycheck or automatic monthly debits for utility bills.
It's important to include these automatic transactions to keep your budget accurate and to ensure there is enough money in your checking account to cover them.
About the Author
Kevin Henderson
With a background in telecommunications, Kevin Henderson brings 2 years of hands-on experience to every article. Kevin believes in making complex topics accessible to everyone.
Rate This Guide
How helpful was this guide? Click to rate: