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The future depends on what we do in the present.

Mahatma Gandhi

Balancing Chequebooks

Having a chequing account offers freedom and security, but it also comes with the responsibility of managing your account. Here are a few tips to successfully track your money:

  • Record cheques, withdrawals (especially ATM transactions!), and deposits in the cheque register that comes with your chequebook.
  • Keep the register total up to date.
  • Do not write cheques if you know you don't have the money in your account to pay.
  • Remember that when you deposit money into your account, the funds may not be available immediately. To be sure, ask the employee depositing your money when the funds will be available.
  • Look carefully at your statement every month to be certain that it agrees with the numbers you have written in your cheque register. If not, you will need to review your cheque register with your statement to find out what is causing the difference. This is called "balancing" your chequebook.
  • Be careful with online banking. While this can make managing your funds easier, it should not be used as a substitute for carefully tracking your spending.

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