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Home > Try This If You Dare!!!!!

Try This If You Dare!!!!!

February 18th, 2008 at 07:49 pm

Ever heard of the "too much" check and "not enough" deposit? If not, let me explain.

Whenever you write a check or use your debit card, when updating your register, round the dollar amount UP as much as you can. For example, I purchased a cup of coffee and a donut the other morning from Dunkin Donuts. The total amount was about $3.00, however, when I recorded the amount in my checkbook, I put it in as $5.00.

On the flip side of the coin, whenever I deposit money, I try to round it down as much as I can. For example, if my paycheck is say $46.34, I will record it as $40.00.

The final trick is to FORGET IT. Don't count on the adjustments as an excuse to overdraw. Maintain stringent checking/debit practices.

What some do is maintain this type of register along with an accurate, to the penny register. Other people simply work through the balancing act at the end of the year to determine how much was saved. YOu can do whatever you wish, however, it really does add up. Try it!

Posted in | 16 Comments »

16 Responses to “Try This If You Dare!!!!!”

  1. disneysteve Says:
    February 18th, 2008 at 09:27 pm 1203370027
    1203370027

    One question. How do you balance your checkbook each month when you do this?

  2. Mooshocker Says:
    February 18th, 2008 at 09:37 pm 1203370631
    1203370631

    I don't balance it. I just pray an awful lot...LOL...actually, as I wrote above, it is more of an annual thing for me.

  3. HelpMeFriend Says:
    February 18th, 2008 at 10:00 pm 1203372056
    1203372056

    I would have a problem with checking my balance online daily, as I do now. I hardly ever write anything down as it is. That is my main problem. That, and they gave me a stupid debit card, which I asked them not to. I want to cut it up, but sometimes it is just easier to use.
    Any suggestions for that problem?

  4. NJDebbie Says:
    February 18th, 2008 at 10:18 pm 1203373109
    1203373109

    I do the same! I don't balance my checkbook because I always round the check amounts to the higher dollar amount.

  5. luxlivingfrugalis Says:
    February 18th, 2008 at 10:27 pm 1203373644
    1203373644

    I don't dare - I'm too anal - I want all the little numbers to stand in straight little lines and do what they are supposed to do - add up!! Big Grin
    I've got a sister-in-law who does this though. She swears by it, but I just can't do it.

  6. Ima saver Says:
    February 18th, 2008 at 10:46 pm 1203374776
    1203374776

    I have to balance my checkbook to the penny!! I have never used a debit card in my life and don't plan on doing it either.

  7. Mooshocker Says:
    February 18th, 2008 at 11:00 pm 1203375631
    1203375631

    I have an old checking account. I think what I will do is begin using it every June and allow the checking account that I don't balance (see above blog) to clear itself. Then, whatever is left is my "savings" which will, of course, go towards my mortgage payoff.

    This will limit my "savings" to six month cycles, but hey, it's better than nothing. Keep rounding....up and down.....

  8. disneysteve Says:
    February 18th, 2008 at 11:10 pm 1203376201
    1203376201

    I see the appeal of doing this for hidden savings, but I think it isn't the best idea because it requires not balancing your account. That means you eliminate the opportunity to find and correct errors in your account. Not worth it IMO.

  9. frugalhousewife Says:
    February 18th, 2008 at 11:30 pm 1203377442
    1203377442

    I am in the same group with Lux and Ima. I have to balance my checking account to the penny. I literally would not be able to sleep if it was not balanced. Yes, I have a control problem, but there are worse problems to have.

  10. baselle Says:
    February 19th, 2008 at 01:04 am 1203383045
    1203383045

    I thought about doing this, but I do prefer keeping only one accurate accounting. Another way to do is to write the round up number in the check register, but then put the real price in parenthesis on the second line. Unfortunately, then you will maintain and reconcile two balances, a lot of work when all you really have to do is pour the round up difference in a change jar.

  11. Todd the Bod Says:
    February 19th, 2008 at 08:35 am 1203410150
    1203410150

    Two problems with this - A) it makes balancing your checkbook very difficult, if not pointless and B) your "savings" is not earning interest. Nor are you developing a structured plan for saving.

  12. gruntina Says:
    February 19th, 2008 at 04:50 pm 1203439825
    1203439825

    I would feel like I was not in control of my money if I did not know exactly how much I had at any given time. What if someone charged extra on your debit card or that it got stolen? You might not even notice any money was missing or how much was missing.

  13. Carolina Bound Says:
    February 19th, 2008 at 07:04 pm 1203447893
    1203447893

    I have been doing this for years! I check my account online often, but I don't actually balance until the end of the year. I use the saved money for a favorite charity.

  14. Nic Says:
    February 19th, 2008 at 07:44 pm 1203450283
    1203450283

    I round UP, but not to the extent you do. If I pay $46.58, I write that amt. in the register, but deduct $47.00. When depositing checks, If I deposit $214.38, I only add $214.00 to the previous balance. I check my balance frequently on line and have never been "off." My BIL introduced this system to me years ago. He calls it his "cushion." BTW, at the end of the year,what ever is "leftover" is now placed into my $20.00 Challenge acct.

  15. Broken Arrow Says:
    February 19th, 2008 at 08:45 pm 1203453931
    1203453931

    Hehe, that's a neat little trick. However, I too like my numbers to be exact, as I also use it to confirm my transactions. However, I DO add money to my savings when I have any extras though. I guess you can call that my version of "rounding up". Big Grin

  16. disneysteve Says:
    February 20th, 2008 at 01:24 am 1203470656
    1203470656

    This "system" is what BoA used for their account that rounds up your debit card purchases and transfers the extra into a savings account automatically. At least in that case, your account still balances properly and the savings earns some interest.

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