Paperless Society

[Passepartout]

I still use that paper thing (check register) and I balance my checkbook monthly to see if I've got the same balance as the bank shows

I used to do what you describe, but now, in the 21st century, banks charge us for this. I got notice recently by a (rare) snail-mail contact from my (soon-to-be-former) bank that in the interest of security or modernization or some-such, they are closing my branch at Smith's and would charge me $3/mo if I write more than 5 paper checks. Baaaaah!

Jim

 

[Karen G]

I used to do what you describe, but now, in the 21st century, banks charge us for this. I got notice recently by a (rare) snail-mail contact from my (soon-to-be-former) bank that in the interest of security or modernization or some-such, they are closing my branch at Smith's and would charge me $3/mo if I write more than 5 paper checks. Baaaaah!

Jim

Oh, I rarely write any checks. I just use the paper check register to record any payments that are coming out of my account. Online banking is definitely the way to pay today.

 

[PigsDad]

But here's my question, back in the old days you used to have this paper thing in your check book where you wrote these transactions down and balanced against them to check for mistakes. What do people use nowadays? I've tried several programs, spreadsheets, etc and I've always found them lacking. Is there an app for that?

I haven't balanced a checkbook in probably 15 years. I guess I really don't see the point.

As with most people here, I use electronic and automatic payments as much as possible, but I still need to write probably 2-3 checks per month. I don't keep track of my balance in a checkbook, so what is there to "balance"? I log onto my bank account online enough and review payments, balances, etc. Online, I can see images of any check drawn against my account if I had any questions.

This has worked just fine for me (and it saves a lot of hassle each month).

Kurt

 

[Karen G]

I haven't balanced a checkbook in probably 15 years. I guess I really don't see the point.

For me the point is I want to know exactly how much money I have available right now. When I look at my balance on line it doesn't take into consideration outstanding amounts that haven't cleared yet. I can see them in my check register and I can see when they are going to come out.

 

[PigsDad]

For me the point is I want to know exactly how much money I have available right now. When I look at my balance on line it doesn't take into consideration outstanding amounts that haven't cleared yet. I can see them in my check register and I can see when they are going to come out.

Yes, I can see where one would need to balance in the case where you need to know your exact balance w/ outstanding payments. I'm sure I could be more efficient, but I just have an email alert set up that will notify me if my balance drops below a pre-set amount. Then I can transfer funds if needed, etc.

Bottom line, I guess I just don't want to put in the effort needed to get an exact balance, when an estimate is "good enough" for me. I'm always looking for ways to simplify my life. And given the extremely low interest rates, the opportunity costs of leaving extra in the checking account vs. a money market savings isn't a big deal.

Kurt

 

[klpca]

But here's my question, back in the old days you used to have this paper thing in your check book where you wrote these transactions down and balanced against them to check for mistakes. What do people use nowadays? I've tried several programs, spreadsheets, etc and I've always found them lacking. Is there an app for that?

I used to use Quicken but I found that I prefer using excel. My income is earned irregularly throughout the year and budgeting used to be complicated. I set up an excel spreadsheet where I enter data weekly (summarized into about 7 - 10 categories). It takes me about 10 minutes a week. I use the paper check register to keep track of the check payees only.

 

[1950bing]

The biggest paper savings that I did was to stop all the stuff concerning bank and other investment information.
I check my banking status everyday so no need to keep a paper log, it is fresh in my mind seeing as how I just did it.

 

[dmharris]

Well, I've been using bill pay for years. I'm not sure why some give the bank 3 to 5 days to pay as it isn't necessary especially if the bank has a relationship with the payee. Most larger banks do. I usually pay the day the bill is due unless it falls on a weekend. The bank has never been late. It is there the day it is due because they aren't mailing the bill unless they don't have relationship they are just doing a money transfer.

Our bank, last I checked, does paper check and snail mail so I was reluctant to trust this system, not to say how surprised that a bank wouldn't transfer funds electronically. We value supporting local businesses so we use a regional bank but maybe we need to look more broadly.

 

[dmharris]

I used to use Quicken but I found that I prefer using excel. My income is earned irregularly throughout the year and budgeting used to be complicated. I set up an excel spreadsheet where I enter data weekly (summarized into about 7 - 10 categories). It takes me about 10 minutes a week. I use the paper check register to keep track of the check payees only.

I'm interested in this as we use Excel and have about 8 pages of categories! Two businesses included in this. I'm wondering about Quicken . . . what might be its strengths and weaknesses.

 

[klpca]

I'm interested in this as we use Excel and have about 8 pages of categories! Two businesses included in this. I'm wondering about Quicken . . . what might be its strengths and weaknesses.

I loved quicken and used it exclusively or about 8 years. What I found most useful was the ability to download data from various vendor site (banks, brokerage firms, credit cards). I didn't find it useful for budgeting for my personal situation. Maybe there was a way to make it functional but I didn't have the patience to mess with it. For two businesses, I would use either Quicken or even better, Quickbooks. Once you set things up, which will take a while, it will save you time in recording transactions and you will be able to generate separate financial statements for each business. It's very useful for gathering your information at tax time too.

 

[geekette]

+1 Quickbooks for business.

Some years ago, my brother needed help beyond what product support offered. It was a simple matter to find consultants local to him to get him rolling again.

 

[SueDonJ]

For me the point is I want to know exactly how much money I have available right now. When I look at my balance on line it doesn't take into consideration outstanding amounts that haven't cleared yet. I can see them in my check register and I can see when they are going to come out.

We do online banking with most of our bills paid electronically and very few written checks. But we still use the old-fashioned register for our joint account because we don't keep a large cushion in the account, and how else would we each know if the other has written an uncleared check? I suppose we could wait to write a check until the other is available to ask if any uncleared checks are out there but that sort of defeats the purpose of simplified banking.

 

[geekette]

Our bank, last I checked, does paper check and snail mail so I was reluctant to trust this system, not to say how surprised that a bank wouldn't transfer funds electronically. We value supporting local businesses so we use a regional bank but maybe we need to look more broadly.

Perhaps I am just spoiled, but I'm surprised there are banks that won't do etfs!!! I'm sure that they are always happy to receive deposits!!

I am enjoying the flexibility of ING Direct IMMENSELY and wish I went with them exclusively years ago. Now, aside from keeping a local credit union account, I have no need for any other bank.

 

[dmharris]

Perhaps I am just spoiled, but I'm surprised there are banks that won't do etfs!!! I'm sure that they are always happy to receive deposits!!

I am enjoying the flexibility of ING Direct IMMENSELY and wish I went with them exclusively years ago. Now, aside from keeping a local credit union account, I have no need for any other bank.

Just to clarify Geekette, you use ING Direct which is a virtual Bank, right? And do all you bill payment through them?

If so, can the data be intergrated with a software product like Quicken or Quick Books?

TIA,

 

[klpca]

Perhaps I am just spoiled, but I'm surprised there are banks that won't do etfs!!! I'm sure that they are always happy to receive deposits!!

I am enjoying the flexibility of ING Direct IMMENSELY and wish I went with them exclusively years ago. Now, aside from keeping a local credit union account, I have no need for any other bank.

We also use a local credit union and Charles Schwab Bank. I have been very happy with them, but am also considering ING for a new CD.

 

[artringwald]

Quicken Rocks!

Quicken makes life so easy. I still like getting paper statements in the mail, because they're a reminder, but if one gets buried, Quicken still reminds me when it is coming due. It automatically downloads bank and credit card transactions every day, so the check book is always balanced. When I see credit card transactions I don't recognize (which has happened more than once), I can alert the credit card company without having to wait for the monthly statement.

So why doesn't everyone use Quicken?

One trouble with automatic payments is that they can be hard to stop. Just ask my daughter about her experience with the 3 month trial membership at the health club that kept on billing, overdrawing her check book, and causing an avalanche of bounced checks and overdraft charges.

 

[Talent312]

Quicken makes life so easy... Quicken still reminds me when [a bill] is coming due. It automatically downloads bank and credit card transactions every day, so the check book is always balanced. When I see credit card transactions I don't recognize (which has happened more than once), I can alert the credit card company without having to wait for the monthly statement.

I concur. I use Quicken to track transactions in 10 accounts:
-- 2 different Credit Union accounts;
-- an online Savings account;
-- 2 active Credit Cards;
-- 3 Brokerage IRA's;
-- a Mortgage; and
-- a compilation of Medical Deductions.
and its all done mostly with a one-click update.

However, its budgeting function is clunky. Thus, the speadsheet for planning.

 

[geekette]

Just to clarify Geekette, you use ING Direct which is a virtual Bank, right? And do all you bill payment through them?

If so, can the data be intergrated with a software product like Quicken or Quick Books?

TIA,

Yes, ING is virtual. Yes, I have all my bills there.

Others have answered about Quicken - ING just drops right in, I can see my whole checking ledger, so I can categorize, report, etc. and lots of other accounts too.

I was a Q user years ago and dropped out for a long while and am slowly getting back into it. Time will tell how many of the features I will use diligently.

Quicken and Turbo Tax are "family" (or were at one time) so you can easily do your taxes, too, a very nice thing if your tax situation is complex. This also generally means that if you use one, you can expect a discount on getting the other.

 

[dmharris]

Great, thanks; I'll start researching Quicken vs. Quick Books...and banks!