I left this comment on the Your Money Relationship site in response to this post and the Mrs. A comments, Do You Still Balance Your Checkbook? I Sure Don’t
I’m one of the “young’uns” Mrs. A is referring to. I was balancing my checkbook right out of high school while I was working part-time during college, but I eventually stopped because it served no purpose for me. During college I was writing a few more checks, but now I only write 1 or 2 a month. 80% of my transactions go on credit (payed off every month and I never ever use debit) and the rest are electronic bank transfers. Those transactions get pumped into Yodlee Moneycenter and are categorized so I can see how I’m doing against my budget throughout the month and track spending with almost zero effort on my end.
So I could theoretically balance my checkbook and write every single electronic transfer down, but why? I’m already reviewing every single transaction the day after it posts to my checking account. Do I need to look at my monthly statement just to say “Yup I spent all that money.”?
Like Adam I don’t even look at my monthly statements, I just have to check in at Yodlee Moneycenter every couple days and see what’s posted to my accounts.
I don’t run my finances like a business because I don’t need to account for my expenses. How much did I spend on groceries last month? Was I under budget? Great, that’s all I need to know.
Does anyone still write everything down and balance their checkbook? I can’t imagine doing that with the number of electronic transactions I’ve got going.