Balancing your checkbooks used to be a weekly “have to do” task for most families. New technology, however, makes balancing your checkbook a complete waste of time. Online banking and online bill pay have replaced paper checks. Free apps have replaced your check register. Balancing your checkbook has gone from an activity that took hours to something you can take care of in a few minutes. Have your tracking methods changed as well?
We have been told that we need to balance our checkbooks for decades. This common advice is given with the best intentions. We are told that by tracking our transactions, we are protecting ourselves from overdrafts and ensuring nothing unauthorized happens in our accounts. That is true, but there are better ways to do all of that.