by Richard T. Tyler

Unless you were born spared of the emotional predicament of seeing your bills side-by-side with your income and you dream to practice your accounting skills every month, tracking your finances never sounds fun. But nobody will really care about the stability of your finances than you do so better face your fears now than be dead-shocked and broke in the end.

Aside from the courage to discover your financial strengths and pitfalls, the ledger is your main tool in managing your checkbooks. It comes for free with every box of checks that you order. It is where you'll record how much you have and how much money you dispose of from the budget through checks. The ledger is also where cash machine withdrawals, any interest gained or any banking fee deducted per month are recorded.

Here are some tips for balancing that dreaded checkbook:

1)  Never throw away your receipts as you have to keep track of all your expenses. It's impossible for you to remember just every expense that you made throughout a month. Receipts will remind you that you need to record information.

2)  Try to make the recording a daily habit. Record all your transactions on that account. It can be tedious but imagine cramming on recording everything only at the end of every month. Not only will the possibility of missing out some important figures be big but you are in for some serious all-day boring desk work.

3)  Don't trust the bank balance. The bank's records can sometimes be delayed and you might be fooled into making changes on your ledger-or spending more. Treat discrepancies between your ledger and your bank's record not as an error on your part but as a reason to check back and clarify which record is correct.

4)  At the end of the month, compare your ledger with the bank statement. This is where you'll find the interest earned, the banking fees, ATM fees, additional transaction fees or bonuses earned; usually the only missing figures needed to match your checkbook with the bank's balance. As soon as a check clears, mark it on the ledger so you'll know it's paid.

5)  Always remember that unless you have a super photographic memory, you can't remember everything especially those that you don't see. Record all automatic deductions and direct deposits in your ledger. Bills that are paid automatically must be recorded on the day they are paid so you don't overlook them later.

It's really more convenient to rely on the bank to keep track of our finances. Afterall, it's supposed to be their job. Although tracking your finances is their job, keeping on top of your finances and making sure they are stable is your personal responsibility. Always remember that you are not the only client of the bank and all the records that you need cannot always be given to you exactly when you need them. Don't always expect that you get accurate records, as well. Keeping that in mind, if you won't be proactive enough to check, who will?

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This article was written by Richard Tyler - a happily retired investment guru who ran several successful businesses during his earlier years. He now shares his wealth of knowledge on investment, business and strategic wealth management at Invest Money Stocks. Ignorance is often the reason why some people are unable to harness upon what they already have to make more money while some 'in-the-know' get richer every year simply through investments. Richard sees it as a passion as well as a pleasure to share his knowledge and experience and hopes that his website will be a wealth of knowledge for those who need help in investment and wealth management matters. Invest Money Stocks covers a wide range of topics from business management, home budgeting, personal wealth management to stocks investment, options trading, penny stocks trading, forex trading, bonds, technical analysis, fundamental analysis and more.

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