Most likely a good idea?

Question

I have a co-worker that told me yesterday that when she puts stuff in her check book, she rounds up to the next dollar instead of putting the exact amount. She says that it saves her a lot more money that way. I'm thinking of trying that, so I don't keep spending all my money before the next payday. I do put money in savings, but to save myself more in my checking, I think that would be a good idea. What do you guys think, or do any of you try this yourselves and how has it worked for you?

Answer 1

You can, but would you find a mistake if the bank made an error?

Answer 2

That will sure make balancing your checkbook mighty difficult. And it certainly isn't a sound accounting principle. Have you considered putting a set amount of money in a savings account every payday? Even better, if you have Direct Deposit it will be simpler.

I don't like the idea, really. It is lazy.

Answer 3

That sounds like a good idea...but balancing your checkbook is just that..."balancing" it. Although rounding up can save you money, writing the exact amount will help you feel more comfortable with what's written in your checkbook towards what's exactly in your checkings account.

Answer 4

I personally do the same thing. It adds up, next thing you know you have a stash of money, that you don't feel like spending, since its not in the checkbook.

I chose to always round up to the nearest dollar, even if the total of something is 1.05...I put 2$... It is a great habbit.

Answer 5

I think it's a good idea. So does Bank of America. I think they have a program where they'll do this for you and transfer the extra money from checking to savings account for you. I think they call it "Keep the Change" or something like that.

Go for it!

Answer 6

No, put in the exact amount and use discipline to save money.