Checkbook Balancing Tips High Point NC

It is one of our least favorite things to do. No one wants to think about tracking their finances in High Point, 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.

Gregory Yahn
Yahn Financial Planning
(336) 478-2363
7800 Airport Center Drive, Suite 401
Greensboro, NC
Expertises
Middle Income Client Needs, Investment Advice without Ongoing Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

Dennis Stearns
Stearns Financial Services Group, Inc.
(800) 881-7374
324 W. Wendover Avenue, Suite 204
Greensboro, NC
Expertises
Retirement Planning & Distribution Rules, Ongoing Investment Management, High Net Worth Client Needs, Planning Issues for Business Owners, Estate & Generational Planning Issues, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MSFS

Mr. Stanley R. Smith, CFP®
(336) 881-3345
300 N Main St
High Point, NC
Firm
High Point Bank Trust and Investment Advisors

Data Provided by:
Ms. Jill A. Painter, CFP®
(336) 887-6000
1721 N Main Street
High Point, NC
Firm
Wells Fargo Advisors, LLC
Areas of Specialization
Asset Allocation, Charitable Giving, Investment Management, Investment Planning, Retirement Planning, Wealth Management, Women's Finances

Data Provided by:
Mr. Stephen P. Lain, CFP®
(336) 887-9390
707 Westchester Dr Ste 204
High Point, NC
Firm
Lain Asset Management & Planning
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Elder Care, General Financial Planning, Investment Management, Investment Planning, Retirement Planning

Data Provided by:
M.James McKee
Stearns Financial Services Group, Inc.
(800) 881-7374
324 W. Wendover Avenue, Suite 204
Greensboro, NC
Expertises
Ongoing Investment Management, High Net Worth Client Needs, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFA, CFP®, ChFc, CLU, CPA, MBA

Barry Swaim
Wealth Management Group, Inc.
(336) 760-4829
3401 Healy Drive
Winston-Salem, NC
Expertises
Retirement Plan Investment Advice, Planning Issues for Business Owners, Retirement Planning & Distribution Rules, Investment Advice without Ongoing Management, Middle Income Client Needs, Tax Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

Mrs. Elizabeth W. Terrell, CFP®
(336) 881-3604
P. O. Box 2278
High Point, NC
Firm
High Point Bank

Data Provided by:
Bradford Cecil Clinard, CFP®
(336) 878-7507
1725 N Main St
High Point, NC
Firm
Wells Fargo Advisors
Areas of Specialization
Comprehensive Financial Planning, Estate Planning, Insurance Planning, Investment Management, Retirement Income Management, Risk Management, Wealth Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided by:
Mr. Robert C. Blakely, CFP®
(336) 885-2530
1008 Hutton Ln
High Point, NC
Firm
Blakely Financial Inc
Areas of Specialization
Comprehensive Financial Planning, Education Planning, Investment Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

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

Profession: Business Executives

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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