Just starting to balance my checkbook.?

Question

I am going to start balancing my checkbook -- my question is, is it easier to just open a new account and let the other run its course -- or should I keep my current account and start where I'm at hoping it will all work out after a few months?

Answer 1

As others have written, there's no need to open a new account. You should register your account on your bank's website so you can view your account activity whenever you want to. Then do the following:

1) If you haven't been keeping a check register, you need to get one now (but leave the beginning balance blank for now).

2) Get your current balance from the bank's website and write it on a piece of scratch paper.

3) Starting today, enter all your daily activity (checks written, deposits made, ATM withdrawls, bank fees, etc.) in your check register, but don't calculate the running balance (because you haven't entered your beginning balance yet).

4) Check your account online daily. Anytime a check clears that was written before you started entering activity in your check register, deduct it from the balance on your piece of scratch paper. After week or two, all your old checks should have cleared (verify that there are no gaps in the check number series to be sure).

5) Enter the adjusted balance figure from your piece of scratch paper in the beginning balance section on your check register and compute your running balance.

6) If you continue to enter all activity in your register as you write checks, make deposits, and withdraw money at ATM's (check online every week or so to be sure you didn't forget anything), you should always be in balance with the bank (the only difference will be checks you've written and entered that haven't cleared yet). The only problem you might run into is if a really old check clears. If that happens, just enter the check in your register to make it balance.

Good luck!

Answer 2

No don't open a new account. Openning a new account will not solve anything but will just transfer a new problem

Start from where you are. I tend to keep track and then fall off track and then back on track. Try printing out a statement for let's say May and copy it into your checkbook then when May's done continue on into this month and you'll be able to move forward. I wouldn't go back too far unless you need too.

In banking you can't just hope things will work it's way out. You'll make your way into Chexsystems (not being able to open a new account at all at any bank)

Good Luck

Answer 3

Definitely do not start a new account. Depending on how bad it is, it may take some work, but you should be able to get to the bottom of the current account issues. Your bank may even be willing to work through the process with you. It's in their best interest too, to have customers with a good handle on their finances. Just hoping it will all work out is not much better than starting a new account to avoid the work of balancing this one. Bite the bullet and force yourself to beat this.

Answer 4

Do you keep a check register?
How far off do you think you are?
How long has it been since it balanced?

These are things that would make it easier to give you the best advice.

Answer 5

no need to open a new account. just start where you are. but you can't just 'hope' it works out after a few months. if you start with a discrepancy, which you will, you have to keep track of it and write it off specifically. keeping track exactly means no 'hoping' that it will work out. you have to make it work out exactly.

Answer 6

A budget would be a good step as well, the most difficult bit is running out of month before you run out of money.