Managing Your Money with a Checking Account

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Presentation transcript:

Managing Your Money with a Checking Account Information taken from financeintheclassroom.org

Why Do You Want a Checking Account? Money is kept safe A record is kept of what you spend and what you earn You gain interest on the money you put in the bank There are protections against fraud

Rules to Using a Checking Account Only write check when you have enough money in your account When you disregard this rule, it is called a “bounced check” Write checks legibly. Write the amount as far to the left as possible. 14.56

Rules to Using a Checking Account Always use a pen Don’t sign a blank check Can this check be cashed? Print the right date on checks Keep checks in a safe place Destroy voided or unused checks Lisa Willis 200.00 Two hundred and 0/100 Tickets 12/15 16

Rules to Using a Checking Account Record every transaction in your register Keep a running balance in the register

Writing a Check 1 2 3 1 Alyssa Johnson 2 3 Date the check. Generally, you do not want post-date it in case you do not have the funds to cover it. 2 Write the name of the person or place that you are giving the money to. If it is a person, use a first and a last name. 3 In dollars and cents, write the amount of the check, staying close to the dollar sign. 1 5/1 16 Alyssa Johnson 2 21.67 3

Writing a Check Jane Doe 4 5 6 Alyssa Johnson 4 Spell out the amount in words, using 0/100 format for cents. This makes it much harder to fraud your check. Draw a line to the end. 5 Sign your name in cursive. You must have a signature that is relatively the same every time you sign. 6 After the word “for” you can list what the check is for, but it’s not required. 5/1 16 Alyssa Johnson 21.67 4 Twenty-One and 67/100 --------------------------------------- Jane Doe Theater Tickets 6 5 Account Number Routing Number Check Number

Recording Deposits, Checks, or Withdrawals 1 Write the check number in this space. You can also write “DEB” for a debit, or “DEP” for deposit if you want. 2 Enter the date. 3 Write who the check is for. If it’s a deposit, write “deposit.” 675 35 1 101 5/1 3 Alyssa Johnson 2

Recording Deposits, Checks, or Withdrawals 4 If you are SPENDING money—either by check, ATM withdrawal, or debit, enter the amount you are withdrawing. 5 If making a deposit, the amount goes in the deposit column. 6 Write your balance here. Subtract money you spent, and add money you put in. 4 6 675 35 101 5/1 Alyssa Johnson 21 67 653 68 5/6 Deposit 150 00 5 803 68 Keeping a running balance keeps you aware of how much money is in your account so you do not bounce a check. Bouncing checks will rack up fees very quickly!