by Ben
Balancing
your checkbook means you have recorded all deposits and withdrawals. Each
deposit and withdrawal is called a transaction. The purpose of balancing a
checkbook is to know how much actual money you have in your checking account at
any time. It is a very important life skill because it doesn’t only show you
how much money you have in your bank account but also where your money is
going. It also helps prevent bouncing checks (a check that cannot processed due
to insufficient funds), saving money, and spending money on pointless things
and stick to your budget. I think balancing a checkbook is fading away because
everyone has a cellphone that they can see all of their banking on and all
their deposits and withdrawals. The only people using a checkbook anymore are
older people such as seniors or people who grew up learning to balance their
checkbook and have been doing it their whole lives because they’re just used to
doing what they know. Generation after generation the amount of people using
checkbooks will decrease and it will be very rare to see someone who uses one. Here’s
an example of someone’s checkbook and how it works. I think balancing a
checkbook is a good and easy way to record your banking but now we don’t need
to use them anymore because there are easier ways such as using online banking
on your cellphone.
