How To Use A Transaction Register For Financial Management

Using a checkbook register is almost an intuitive skill for anyone who has written a lot of checks

. But first we should define what a checkbook register is exactly. In general a register is a table or entry form that holds information about each transaction that affects the bank balance. The checkwriter is responsible for inputting the information and using it later.

When should people expect to have to use a checkbook register? The answer is for any activity that ends up with the amount of a checking account changing. Let us say you swipe your check card at a restaurant, but the restaurant cannot supply you with a running total of your bank account balance for privacy reasons. You should therefore record the information in a checkbook register.

The usage of a checkbook register involves simply understanding the four of five bits of information to enter. The most important ones are usually the date of transaction, the check id number, a short note explaining the transaction, and if any fees were involved. All entered information goes into columns for easy reading.

Cable and cell phone payments should be recorded into the checkbook register. In the event that your cell phone plan is old, it is not unexpected that you are paying too much money every month. You can compare your cell phone plan with others that might be offered to you by identifying a good money management online place, entering your cellular phone plan info, then seeking comparisons. A good consumer online place will give you a index of mobile phone plans that are available in your city and that fit your requirements.

What about buying large appliances? Well these transactions can be recorded into a checkbook register also. When purchasing a new heavy appliance, you will spend a lot of money to buy it, also spend a lot of money to run it. Often, consumer site advise that a consumer check the energy star rating of an appliance and determine how much power it requires before purchasing it. A smart consumer can save a good deal of money on energy throughout the year. The consumer will only spend about half the amount they normally would if they purchase a product that the government has labeled energy star.

Large, necessary items such as insurance payments are suitable for entry into the register. If your job is considered to be low-risk, you may be able to save some money on your health insurance rates. People like accountants or teachers may be able to get lower cost health insurance because they work in safe environments. Be sure to take advantage of low cost prescriptions at places like Sam's Club, Costco, and KMart. Despite these actions it is likely that the monthly health bill will be challenging to your budget.

by: Daniel Peterman

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