Financial Planning: Balancing a Checkbook. Checking Account Simulation Pretend you opened a checking account on October 1 st and put $100 in your account.

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Presentation transcript:

Financial Planning: Balancing a Checkbook

Checking Account Simulation Pretend you opened a checking account on October 1 st and put $100 in your account. On October 4 th, you deposited $50 more. You wrote a check to your brother/sister for his/her birthday for $125 on October 5 th. He she put the check in his/her desk and forgot about it. You use your ATM card at Wal-Mart to buy a DVD on October 7 th. The amount was $25. On October 20 th you check your account balance at the ATM. It shows you have $125 in your account.

Checking Account Simulation Balance: $125.00

Checking Account Simulation On October 22 nd you use your ATM card to buy the following things: Starbucks Coffee $5.00 Shoes at Khols$25.00 Lunch at The Olive Garden$15.00 Movie Tickets at Cinema Star$20.00 Video Game at Best Buy$50.00 Total Spent on October 22 nd : $115.00

Checking Account Simulation On October 21 st, your brother/sister finds the check you wrote and cashes it. What happens next? Starbucks Coffee $5.00 Shoes at Khols$25.00 Lunch at The Olive Garden$15.00 Movie Tickets at Cinema Star$20.00 Video Game at Best Buy$50.00 Total Spent on October 22 nd : $ $35.OO Overdraft Fee $ in Fees! $ in fees + $ in purchases $ you owe the bank!

Checking Account Simulation What is the lesson? Don’t just depend on what the ATM says you have in your account. You have to keep track of the money you deposit and withdraw from your checking account.

Check Register 10/1 Deposit /4 Deposit /5 John Doe – Birthday Gift /7 Walmart - ATM /21 Starbucks - ATM /21 Khols - ATM /21 Olive Garden - ATM /21 Cinema Star - ATM /21 Best Buy - ATM /21 Overdraft Fee /21 Overdraft Fee

Parts of a Check

Writing Checks October 5, 2010 John Doe One hundred twenty-five dollars & 00/100 Birthday Gift Jane Doe

Writing Checks The Wrong Way October 5, 2010 John Doe25.00 twenty-five dollars & 00/100 Birthday Gift Jane Doe Nine hundred 9

Endorsing a Check ENDORSE HERE: X _____________________________ ______________________________ Do not sign/write/ stamp below this line ______________________________ John Q. Student

Checks

Check Register

Practice Entering Transactions Beginning Balance $ Check #1234 to Southern California Edison (SCE) for $80.33 on 9/1/10 Payroll (Direct Deposit) of $ on 9/2/10 ATM Withdrawal of $100 on 9/4/10 Check #1235 to Macy’s for $29.94 on 9/6/10 Walmart debit card purchase of $15.22 on 9/9/10 Check #1236 to Farmer’s Insurance for $22.05 on 9/11/10 Void Check #1236 to Farmer’s Insurance (add $22.05 back in) Check #1237 to Farmer’s Insurance for $22.50 on 9/11/10 Payroll (Direct Deposit) of $ on 9/14/10 Check #1238 to Nuevo Water Company for $52.87 on 9/19/10 Check #1239 to The Gas Company for $32.44 on 9/20/10 Birthday gift deposit for $ on 9/22/10 Target Debit Card for $36.76 on 9/25/10 Walmart Debit Card for $15.33 on 9/29/10 Ending balance should be $514.59

Check Register /1 Southern California Edison /2 Deposit – Payroll /4 ATM /6 Macy’s – Lingerie /9 Walmart – Debit /11 Farmer’s Insurance VOID /11 Farmer’s Insurance /11 Farmer’s Insurance /14 Deposit – Payroll /19 Nuevo Water Company /20 The Gas Company /22 Birthday Gift – Deposit /25 Target – Debit /29 Walmart – Debit