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Forced Checkbook Savings

January 15th, 2009 at 12:43 am

I can't believe the blog replies and other emails I have received regarding my "round up/round down" method for my check register. I figured I would start a new blog based on one of my replies.

Your questions and comments have been great! I understand how tough it is to keep track in a second register and/or not balancing your account every day. That said, just write the actual amount in the check written/deposit box but round out the total. This way you can balance between the actual check written or deposit made directly with the statement instead of using your register total as part of the equation. Trust me, this truly works!

Get gutsy with it. Today for example, I wrote a check to the electric company for $103.22. Wrote that amount in the check written box but then subtracted $110.00 from the running balance. That was a $6.78 savings "deposit". Just that amount alone for one year is about $72.00 Get the picture?!

I also get a monthly deposit that is about $123.00. I show the $123.00 in the deposit box but only show a deposit made in the running total of $100.00. That is another $270.00 per year.

So taking two transactions into account, one deposit, one withdrawl, I have already saved about $342.00 per year off of small transactions within my account!

Make those debit/credit notes in the boxes, forget the running total when balancing and make little notes along the way so you can see very quickly how much you have saved. God bless and good luck.

Posted in Uncategorized | 4 Comments »

4 Responses to “Forced Checkbook Savings”

  1. mjrube94 Says:
    January 15th, 2009 at 01:00 am 1231981203
    1231981203

    So I started a 2nd register, retroactive to January 1st. Using your approach, I "saved" $14.44. Assuming the second half of the month goes like the first, that would be about $30/month or $360/year. I'll need to see how we do without the $30 before I get more aggressive, but your point is well taken.

  2. mooshocker Says:
    January 15th, 2009 at 01:22 am 1231982575
    1231982575

    Great job! Keep it up! $360.00/year is a pretty good chunck to throw against some CC debit, a Roth IRA or even your mortage princpal. God bless.

  3. M E 2 Says:
    January 15th, 2009 at 03:19 am 1231989588
    1231989588

    I do the same thing as moonshocker. I will write, let's say $16.92 in my checkbook but I will deduct $20 from my checkbook balance. I also keep track of my checkbook balance via the MS Money on my computer. That is the only thing I use it for. So, worst case scenario, my MS Money (always) has the correct checkbook balance.

  4. mooshocker Says:
    January 15th, 2009 at 01:08 pm 1232024934
    1232024934

    Yeeeee Haaaaaa....never even thought of that! God bless and thanks for the tip!

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