How to balance a cheque book (and why it’s important!)

With today’s digital banking, the task of ‘balancing a cheque book’ is likely an ancient one. But the nature of the task will always be an important part of financial health.

So, what does it mean to balance your accounts?

Essentially, you are verifying your incoming and out-going funds. You are ensuring that your transactions match your bank records.

Why is it important?

This exercise is integral to understanding what your personal finances look like.

PRODUCER: You ready to roll? I think so. I am not sure what to expect. PRODUCER: Good. I think that's the best. [LAUGHS] My name is Keon Jordan, global financial crimes manager. And I'm here to share my key financial learnings to life finances. Understanding how to balance a checkbook. Many people may not know what balancing a checkbook means. I mean, [INAUDIBLE] still use checkbooks. But the purpose for balancing a checkbook is to know how much actual money you have in your checking account at any given time.

Accounting for your incoming and outgoing personal funds is integral to understanding what your personal finances look like. Growing up, I was exposed to this task of balancing a checkbook by watching my parents perform on a regular basis. Every weekend, my dad would sit down with a wallet full of receipts and this checkbook register and perform this tedious task. Essentially, what he was doing was tracking what left his account and what the bank showed was in his account to ensure that the records match, or in other words, ensuring his checkbook balanced against his account.

Now with today's digital banking and having your financial data literally at your fingertips, the task of balancing your checkbook in its true meaning is likely an ancient one, but it's still equally important at any given time to understand what your personal finances look like and insuring they are accurate. Without performing this action or some variation of it, it's very difficult to know how much money we have, which evidently guides how we spend responsibly.

So again, for me, in understanding how to manage your bank account, both the incoming funds and outgoing funds, is really key to understanding your personal life finances. Thanks for watching and be sure to check out other hot money minutes. Wow. Woo. [INTERPOSING VOICES]

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