![]() ![]() Sure, it’s in the name of progress, but even with positive change comes loss, and more than a few life skills society used to take for granted are falling by the wayside even now (That’s so sad. The “decade of lost wealth” is here - experts say this is where $500K portfolios should invest inĭigital natives - people who were born into a world where technology was already an integral part of daily life - are beginning to outnumber the older generations who were only introduced to tech in their later years.Īnd as automation continues to change more aspects of our homes and jobs, formerly essential manual skills like switchboard operation or being a human calculator have died out. Here's how much the average American 60-year-old holds in retirement savings - how does your nest egg compare?īoomer's remorse: Here are the top 5 ‘big money’ purchases you’ll (probably) regret in retirement and how to prepare for them For example, when was the last time you balanced your checkbook? Don’t miss These days, with technology streamlining so much of our modern lives, there are fewer individual skills that one needs to get by. You used to be able to tell a lot about a person by the cut of their gib, the pleat of their pants or the tidiness of their handwriting. With this example, a person might erroneously think that they had $3,671.30 in their account, when they actually have only $1,453.71.Gen Z may be missing out on learning these 5 old-school skills that boomers take for granted - are they valuable bits of vintage wisdom or relics of a bygone era? You have $1,453.71 available in this checking account.Īs you can begin to see, it is extremely important to always know the ACTUAL amount available in your checking account and not just the ending balance in your bank statement. The following example may make this process simpler:Įnding Balance in Checkbook Register – $1,453.71Įnding Balance from latest Bank Statement – $3,671.30Įnding Bank Balance – Outstanding Debits + Outstanding Credits = Checkbook Register Balance The result should match your checkbook register’s ending balance. ![]() Add up all the DEBITS and CREDITS and apply to the ending bank statement amount. All outstanding checks and fees DEDUCT from your account as a DEBIT. Remember all outstanding deposits ADD to your account as a CREDIT. Using your checkbook register as a reference, log all outstanding transactions to your bank statement (most statement have an area to do this – or use a separate piece of paper). Using your most recent checking account bank statement, mark all completed transactions in your checkbook register – this includes all checks, deposits, interest and fees that have processed. How to Balance (Or Reconcile) Your Checking Account: AVOID BOUNCING CHECKS – the practice is a clear indicator of fiscal irresponsibility and financial laziness. ![]() If you write a check for MORE than the amount in your account, the check will “BOUNCE” and multiple fees will be issued. It is important to reconcile these numbers so you know the actual amount in the account that is available to write checks with. There are transactions that may have not posted yet by the time the bank issued their statement. More often than not, the ending balance on your bank statement will NOT match the ending balance on your checkbook. This also helps minimize any overdraft fees or other penalties that you may incur from these discrepancies. Balancing your checkbook each month is an important way to see how much you are spending, how much in fees you are paying, and any errors that may have occurred. With the popularity of online banking, many people (according to some polls, up to 69%) never balance their checkbook. Balancing Your Checkbook and Why It Is Important: ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |