Checkbook Balancing Tips Concord NC

It is one of our least favorite things to do. No one wants to think about tracking their finances in Concord, but it is the only way to make sure that we are keeping up with and not exceeding our available funds. Here are five tips for balancing that dreaded checkbook that, once started, will become second nature every month.

Cheryl Sherrard
Rinehart Wealth Management
(704) 374-0646
521 E. Morehead Street, Suite 580
Charlotte, NC
Expertises
Estate & Generational Planning Issues, Charitable Giving - Trusts & Foundations, Women's Financial Planning Issues, Planning Concerns for Corporate Executives, High Net Worth Client Needs, Ongoing Investment Management
Certifications
NAPFA Registered Financial Advisor, AAMS, ATP, CFP®

Marilyn Spencer
Rinehart Wealth Management
(704) 374-0646
521 E. Morehead Street, Suite 580
Charlotte, NC
Expertises
Tax Planning, College/Education Planning, Women's Financial Planning Issues, Middle Income Client Needs, Socially Responsible Investments, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®, EA

Mr. Edmond T. Hartsell, CFP®
(704) 661-5423
131 Louise Dr SE
Concord, NC
Firm
Hartsell & Associates, Inc.
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Employee and Employer Plan Benefits, Estate Planning, General Financial Planning, Insurance Planning, Retirement Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $50,001 - $100,000

Profession: Legal Professionals

Data Provided by:
Mr. Trent Schloneger, CFP®
(704) 287-7686
845 Church St N Ste 205
Concord, NC
Firm
VALIC Financial Advisors

Data Provided by:
Mr. Bruce G. Spencer, CFP®
(704) 988-5941
2424 Spur Lane
Concord, NC
Firm
TIAA-CREF

Data Provided by:
Jonie Parks
Matrix Wealth Advisors, Inc.
(800) 493-3323
831 East Morehead Street, Suite 760
Charlotte, NC
Expertises
Advising Medical Professionals, Cash Flow/Budgets/Credit Issues, Planning Concerns for Corporate Executives, High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Financial Issues Between Generations
Certifications
NAPFA Registered Financial Advisor, CFP®

Giles Almond
Matrix Wealth Advisors, Inc.
(800) 493-3323
831 East Morehead Street, Suite 760
Charlotte, NC
Expertises
Advising Medical Professionals, Ongoing Investment Management, Planning Issues for Business Owners, High Net Worth Client Needs, Charitable Giving - Trusts & Foundations, Retirement Plan Investment Advice
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, CIMA, CPA/PFS

Mr. W. Brian King, CFP®
(704) 782-0010
51 Means Ave SE
Concord, NC
Firm
King Financial Corporation
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Comprehensive Financial Planning, Education Planning, Employee and Employer Plan Benefits, General Financial Planning

Data Provided by:
Mr. Robert W. Suddreth, CFP®
(704) 262-2344
868 Church Street North
Concord, NC
Firm
Wells Fargo Bank, N.A.
Areas of Specialization
Asset Allocation, Banking, Charitable Giving, Comprehensive Financial Planning, Debt Management, Education Planning, Estate Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $100,001 - $250,000

Profession: Business Executives

Data Provided by:
Mr. Gerald G. Craig, CFP®
(704) 786-4857
323 Coddle Market Dr NW Ste 130
Concord, NC
Firm
Carolina Planning Consultants, LLP

Data Provided by:
Data Provided by:

Checkbook Balancing Tips

It is one of our least favorite things to do. No one wants to think about tracking their finances, but it is the only way to make sure that we are keeping up with and not exceeding our available funds. Here are five tips for balancing that dreaded checkbook that, once started, will become second nature every month.

Your main tool in the war on checkbooks is the ledger. You get one with each box of checks that you order. It is where we write our beginning balance for that book of checks and the number and amount of each check written on the account. The ledger is also used for recording cash machine withdrawals, interest earned, and any banking fees deducted each month.

1. Keep all of your receipts. The main reason we balance our checkbook is to reconcile all the money we have spent that week or month. Receipts, especially for ATM withdrawals, remind us to record it in our ledger so we don’t forget anything.

2. Record all transactions on that account in your ledger book each day. This can be tedious but it works. I’ve seen people write in their ledger as soon as they write a check at the counter. Believe me, you’ll forget about ever doing it if you don’t do it straight away. People who don’t use duplicate checks are in the most trouble, unless they have a photographic memory.

3. Don’t believe the bank balance. We are easily fooled into thinking that the bank knows something that we don’t. The bank can sometimes be a day or more behind your ledger. If the bank says that you have $200 and your ledger says $95, believe the ledger. This is a major way that people overspend when they don’t record written checks.

4. Check your bank statement against your ledger at the end of each month. This is where you will find the amount of interest earned, banking fees, and ATM fees. It is usually these items that keep our checkbook balance from matching the bank’s balance at the end of each month. When a check clears, place a check mark next to it in the ledger so you know it is paid.

5. Record all automatic debits and direct deposits in your ledger. It is easy to forget things when you don’t see them. Your job should give you a check stub when you direct deposit so you can keep track of how much money you are making. Bills that come out automatically during the month need to be recorded on the day they are supposed to be debited so they aren’t overlooked.

It is easy to forget how much money we have and rely on the bank to tell us. The bank is not always up to the minute in its processing and this can present a problem for those of us who don’t keep track of your finances. Do yourself a favor - be proactive and use these tips to balance your checkbook and avoid overdraft charges.

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