In the current global economic situation, there is nothing more important than effective financial planning. Wealth management is no longer limited to the domain of large corporates and accountants. Personal money management has now become a valuable life skill. Not only is it important for people to track their investments and savings, they must also keep a close eye on their spending in order to break even at the end of the month.
Without the right kind of planning, it is only too easy to splurge, lose track of debt and default on bills. More and more people are now turning to financial planning tools like checkbook registers in order to keep track of their income and expenditure in an organized manner.
What is a checkbook register?
A checkbook register, also known …show more content…
Include cash transactions, ATM withdrawals, online payments, debit card payments, bank fees, EMIs and every other small detail you can think of. Don’t forget to account for any debts, dues or interest.
Use these online Printable check register template to keep track of your transactions or make your check register.
Label all transactions in your checkbook register so that you can clearly identify the source of the income or expenditure.
Calculate your new running balance after every transaction.
Understand the maths. The current balance after your last transaction is the opening balance before your next.
All deposits are credits and all withdrawals are debits. So you must subtract your debits from your opening balance and add your credits to it in order to calculate your current balance.
At the end of each transaction, your credits must exceed your debits. If they don’t, recheck your calculation for errors.
As a general rule, always recheck your calculations when you balance your
Without the right kind of planning, it is only too easy to splurge, lose track of debt and default on bills. More and more people are now turning to financial planning tools like checkbook registers in order to keep track of their income and expenditure in an organized manner.
What is a checkbook register?
A checkbook register, also known …show more content…
Include cash transactions, ATM withdrawals, online payments, debit card payments, bank fees, EMIs and every other small detail you can think of. Don’t forget to account for any debts, dues or interest.
Use these online Printable check register template to keep track of your transactions or make your check register.
Label all transactions in your checkbook register so that you can clearly identify the source of the income or expenditure.
Calculate your new running balance after every transaction.
Understand the maths. The current balance after your last transaction is the opening balance before your next.
All deposits are credits and all withdrawals are debits. So you must subtract your debits from your opening balance and add your credits to it in order to calculate your current balance.
At the end of each transaction, your credits must exceed your debits. If they don’t, recheck your calculation for errors.
As a general rule, always recheck your calculations when you balance your