Keeping your household’s financial records can be as easy as writing a check
A checkbook that does its own math is only one of the reasons why I won’t give up using computer software for my checkbook any time soon.
If you have a checking account, then you know what it’s like to struggle with your monthly bank reconciliations. Debit cards have turned checkbooks into minefields of unrecorded transactions and missing withdrawals. One way around this problem is to use your computer for your home finances, because if you don’t know what your cash balances are, you can’t make sound financial decisions for your spending.
About ten years ago, I started keeping my checkbook register in a software program. I kept my paper checkbook register too, but I used Microsoft Money as my main checkbook. I had to record transactions twice but I kept this up for years before I threw in the towel on the paper register.
I still use Money today. The main reason I haven’t tried another service is because I have so much data in the program and in archives that I’m afraid it will be too much trouble to switch. That’s not to say I’m not happy with Money, but there are other quality personal finance software programs available these days that are completely free.
Keeping your checkbook on your computer has several great advantages over a paper checkbook. Here are a few of the most critical benefits.
- Budgeting is easier, because most computerized checkbooks are part of feature rich software programs that let you view and create detailed spending reports. You can track where your money has gone in previous months and keep up with where it’s going this month.
- Reconciling your balances is easier. Unless you make a data entry mistake, you’re not going to run into problems of bad math.
- Planning your spending is as easy as writing a check and seeing where your balance will be when you’re done. It’s easy to change transaction dates and re-organize expenses without messing up a paper check register.
- Paying overdraft fees will be a thing of the past because you won’t leave out important transactions, if you take advantage of the capability of most home finance software to download and import transactions directly from your bank accounts. This step can save you plenty of bank fees if you have a habit of forgetting to write down your ATM withdrawals or debit card transactions. Before we married, this happened to my husband. His checking ended up overdrawn when he forgot to put down two cash withdrawals in his checkbook. He paid some hefty NSF fees before he got the mess straightened up.
Each of these items are essential steps in maintaining your money. Budgeting, planning, and accurate record keeping make life better for the home manager.
Time is as important to me as my money, and the time I save by having my checkbook on my computer makes up for the additional cost I pay to keep my version of Money up to date. Even if you can’t bring yourself to pay for software, there are plenty of options out there. Quicken is a respected name in the personal finance software market and they recently started offering their online product as a completely free option. You might want to give them a try if you think you’d like to start keeping better financial records.
And seriously, keeping great financial records for your household really can be as easy as writing a check.
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