The other day I received an interesting question from Bobbi concerning balancing a checkbook. Here it is:
With banking and statements being completely accessible online, do you still balance your checkbook on paper?
Personally, I have never really balanced my checkbook. I know that many of you will think that is outrageous, but it has always worked for me. I don’t even look at my statements online. For the past several years, I have used Quicken on a daily basis. It automatically gets my transactions for me and I don’t have to worry about writing them down. I have never overdrawn my account. I guess I would never know if one of my small transactions were wrong, but at least I keep track of the big ones with receipts. Quicken also helps me stick to a budget as it has a great budget tool in it.
My fiance still religiously balances her checkbook. I always see her doing it every week and it makes me cringe every time. She is always like 1 cent off somewhere and she goes nuts trying to find that penny. I would have easily given up at that point and just added (or subtracted) the penny from my checkbook. I just do not have the patience. Hopefully she will still let me use Quicken when we combine the money!
Have you stopped balancing your checkbook? Why or why not?