I haven’t balanced my checkbook since 1997.

I have a confession. I haven’t balanced my checkbook since like, 1997. I know, I know…of all people, I’m supposed to be the shining example of perfection here, but spoiler alert–I’m human.

In a perfect world, we'd all be checking our accounts once a week and reconciling at the end of the month. If you’re our client, this is exactly what’s happening, so YAY for you on a professional level. Those same rules should apply to your personal accounts. Back in the day, you got your paper statement at the end of the month & you sat down with your register to figure it all out. Fast forward about a billion years & technology has evolved to the point that the ability to constantly access up to date information has made us lazy about the math. Turns out, there are lots of valid reasons to double check your accounts & reconcile every month.

Keeps you on budget.

Even if you don’t use a budget (WHY?) tracking your spending helps you see where your money is going and where you can cut back if you need to.

Recognize error or fraud.

The bank doesn’t make a mistake often, but when they do, it can be catastrophic to your balance. Similarly, a hacked debit card can really make your life h-e-double hockey sticks if you don’t catch it quickly.

Helps you save .

Imagine this: you watch your spending and & have a good idea how much is “left over” at the end of the month. You can now MOVE that into savings & know exactly how much you have to travel, make a large purchase, or set aside for an emergency. Doesn’t that feel good?

Spot subscriptions or recurring payments you forgot about.

You forgot to cancel that trial subscription & you are now being charged. If you don’t watch your account, that can slip under the radar for a long time before you figure it out.

Reconciling is a bit of a bummer & it's easy to put it off. But taking a more active role in monitoring your accounts takes a lot of the anxiety out of your finances in the long run.

Do you need help monitoring your business transactions and keeping your reconciliations up to date? Visit the link in our bio to set up a free consultation!

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