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Reasons to Balance Your Checkbook in a Technologically Advanced World

07/31/2018

Advancing technology has made staying up to date with your bank, investments, and even Bitcoin accounts as easy as opening up your phone and putting in a password. And while that type of convenience is a far cry from having to go into the bank to check your balance in the “olden days”, that doesn’t mean some of those old practices still can’t be of use.

The term “balancing your checkbook” is almost synonymous with a tedious and way less-than-fun task. This is because, depending on the account your balancing, it can be exactly a tedious task. However, by using that same technology that makes checking your account easy, you can still balance your checkbook and almost look forward to it!

Here are a few reasons to balance your checkbook and a quick tip…

  1. 1. You’re not the only one who can make mistakes: Banks and merchants aren’t infallible, they also make mistakes and if you’re not looking for them, you probably won’t catch them. A few small mistakes with low monetary value may not set off your alarms, but if you spend the time to balance your checkbook, they will come to the top.
  2. 2. Overdraft fees can hurt: If you’re like many Americans, you may be at risk for bouncing a check here and there, which can add up quickly. Balancing your checkbook makes it more difficult for this to happen.
  3. 3. It helps keep you safe: There are more ways for you to spend your money than ever before and you probably give more access to your accounts than ever before. Balancing your checkbook allows you to keep an eye on any fraudulent charges, which can be the first step in stopping a multitude of problems.
  4. 4. It’s the smart thing to do: The more time you spend looking at your accounts and money, the better it’s going to make you at knowing what’s going on within them.
  5. 5. It can help you plan and save better: By being more intimately involved with your accounts, you’re going to be able to better budget and plan for the future.

While there is something to be said for the old version of balancing a checkbook by hand, many banks and other services provide other valuable ways to balance your checkbook each month. The best way to do it is to start today!

Opinions expressed in the article are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. The information contained in this report does not purport to be a complete description of the securities, markets, or developments referred to in this material. The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk and investors may incur a profit or a loss. Past performance is not a guarantee of future results. Prior to making an investment decision, please consult with your financial advisor about your individual situation. The prominent underlying risk of using bitcoin as a medium of exchange is that it is not authorized or regulated by any central bank. Bitcoin issuers are not registered with the SEC, and the bitcoin marketplace is currently unregulated. Bitcoin and other cryptocurrencies are a very speculative investment and involves a high degree of risk. Investors must have the financial ability, sophistication/experience and willingness to bear the risks of an investment, and a potential total loss of their investment. Securities that have been classified as Bitcoin-related cannot be purchased or deposited in Raymond James client accounts.


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