Today, more than two-thirds of bank customers do their banking online or via mobile app, according to a survey from the American Bankers Association. It’s no surprise that many people prefer the convenience of checking balances and keeping records online, allowing the banks to do the work for them. While this system certainly gets points for ease of use, many times keeping a check ledger makes sense. Here are four reasons why you might decide to keep a physical record of spending. Seeing your balance allows the option of delaying purchases or payments until you are able to add additional funds. When it comes to money, it is always good to know exactly how much you have. This is especially true when money is tight and every penny counts. Keeping the ledger with a checkbook offers an added bonus: emergency cash. If you need cash at the last minute, you can simply write a check to yourself, take it to your local bank and receive cash. You don’t have to go to an ATM and use a debit card and you won’t be hit with any additional fees for cashing a check. Writing a check only takes a minute and is accepted as payment (with ID) at most business establishments. Online banks typically upload transactions from merchants, which can take from a few minutes to a few days. If there is ever a question about whether or not you paid a bill or received a refund for an item, referring to the check ledger keeps everything (no pun intended) in check. Having a physical record of purchases is especially helpful for potential conflicts with merchants, making extra payments on the principal of a mortgage when it comes time to settle up an account, or when the cable company claims it didn’t receive a month’s payment. Keeping a record of spending has other benefits, as well. It can help you build better financial habits, get on track for long-term goals, and feel more confident and less stressed about money. Not sure how to get started? You don’t need expensive budgeting software to begin tracking expenses. Build your own budget in a simple spreadsheet to find out where your money is going. You might be surprised at how quickly small purchases add up—and how easy it is to change tracks and start making your money work for you.
