Know Where Your Money Goes

I confess: I don't balance my checkbook. I know I should; I know it would be the smart, responsible thing to do. I used to, years ago, when I was sixteen and had my very first checking account. But times were simpler than. There were no ATM cards, no direct deposits, no freelance accounts receivable or online banking or auto-debit bill pay systems. I've made valiant efforts over the years to balance my checkbook, but it never sticks. And once I'm behind, it just seems like a hopeless task to try to sort it all out.

If you're like me and can't bring yourself to deal with balancing that bottom line each month, take heart. Don't bury your head in the sand, just because you can't face up to the debits and credits and checks outstanding on your statement. Shame often keeps us from doing good things for ourselves. And while it may seem like a little thing, many of us are ashamed that we don't do a better job of balancing our books.

If you--like me--just CAN'T, then find something that DOES work for you, that serves the same purpose. Make sure you open your statement every month, for instance, and skim it for things that seem out of whack. Are there fees you didn't expect? Did your paycheck go through? Are there any charges you don't remember making?

And be sure to keep a rough idea of your balance. Check it online or over the phone or at the ATM, and maintain as much of a buffer as possible. Don't rely on overdraft protection to save you--it frequently comes with devastating charges.

You may not balance your checkbook to the penny, but by keeping an eye on it, you will be more active and alert about your finances, and less likely to bounce checks or make purchases you can't really afford.