Keeping your checkbook balanced is an important task that should not be ignored. It may seem like a chore, but taking time to maintain your personal finances will save you money and cut down on headaches in the long run.
If you've been ignoring the check register that came with your new personal checks from Check Advantage - that's a big mistake. We give you a free transaction register with your purchase because we know how crucial balancing a checkbook can be. You can also order extras in case you run out of room before you run out of checks.For those of you already using personal checks as a way to pay bills and make purchases, you're well on your way to better management of your personal finances. You've probably noticed that it's much easier to spend money you don't have when you use a credit or debit card. But just try writing a personal check without thinking about exactly how much money you're spending.
Using Your Check Register
Before beginning to document your financial transactions, write your current account balance in the top right corner of the register page over the word "BALANCE." Make sure you're aware of any payments or withdrawals that could still go through.
Use the "Number or Code" column on the far left to enter the check number, or other type of transaction such as an ATM withdrawal, or an automatic payment. There are also columns to record the date of the transaction, a section to describe the transaction, columns for money going out, money coming in, and of course for your account balance.
There are two ways you can use your personal check register to record financial transactions. One way is known as the Double-Line Method, and the other is called the Single-Line Method. You'll be able to record extra details using the Double-Line method, but the Single-Line method allows you to make more entries. (See Image Below)
Double Line Method
When using the Double-Line Method in your check register, you'll use the white line to record who the check was made out to and the amount of the check. The tinted or gray line is used to record the purpose of the entry and your current balance.
For example: Let's say your checking account balance is $500. If you used a personal check to buy groceries, the white line might read - "Franks Foodmart - $97.00 (in the payment column and the balance column). You could then put something like this in the gray line - Groceries - $403 (in the balance column).
With the Double-Line Method it's fairly easy to do the math inside of your register. That's because you're always subtracting (or adding if it's a deposit) your most recent transaction from your most recent balance.
Single Line Method
The biggest advantage of the Single-Line Method is that you'll be able to record a higher number of entries. But remember, if you need more check registers you can order them for just $1.49 each.
With the Single-Line Method, you record a little less information and find your balance on a single line. In other words, the white and gray lines are used for the same purpose.
For example: If you were paying your auto loan the transaction description could either read the name of the lender, or something more generic like "car payment." You would then record the amount of the payment and put your new balance on the same line.
Creating a Budget
You can also use your transaction register to help make a personal budget. After recording all your financial transaction for about four weeks, you should have a clear picture of how much money you make and how much you are spending each month.
Take a close look at where you're spending your money. Hopefully there is some money left over at the end of the month. If not - it's time to look at making some changes.
Of course there are a lot of payments you need to make each month, but are there areas in your life where you could cut back? Maybe it's time to start cooking at home more and eat at restaurants less often? Could you find a less expensive cable TV package? Should you put your credit card away for awhile so that you spend less? Every little bit counts!
Remember.keeping track of your personal finances when you order personal checks online and use your very valuable check register will lead to a happier and less stressful life.
The Check Advantage personal check register comes with 30 pages including 195 double spaced lines for entries. There is also a calendar and notes page and an automatic payment/deposit reminder page.
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