It is likely that if you are a millennial you have never written a check. Heck, you likely do not know even how to write a check. Why? Because you never had to. The world has gone almost exclusively electronic and as a result so has our money. The adverse effect to this is the lack of understanding how to balance a checkbook. The act or skill of balancing a checkbook goes hand in hand with check writing. You may be unaware, but your debit card is nothing more than a check card and you essentially write a check every time you swipe at the register. Hence the term “checking account”.
Do you utilize a check book registry every time you make a transaction? If not, that is quite fine, but your finances may suffer as a result. Developing the habit of keeping your check book registry current is a simple way to improve your money management skills and doing so is simple.
Why you should utilize a checkbook registry…
Using a checkbook registry is a way to track your spending especially if using your debit card from your checking account is your preferred way to spend money.
The act of noting every expense makes a mental note in your mind that you are actually spending. Using a debit card often becomes too easy and also lands us into trouble because no physical currency has left your possession. Swiping becomes easy and after that is done without a single thought. Documenting each penny spent makes those “swipes” feel real.
The last reason is basic. You just know about your money! If you are not aware of how much money is in your account you are sure to get into hot water by overspending. Overspending leads to overdraft fees and overdraft fees break budgets. If you are subject to overdraft fees than your finances need improvement. Never put yourself in a position that forces you to shell out overdraft fees.