No one really balances their checkbook any more. In fact, people roll their eyes if someone even pulls out a checkbook to make a payment. The new forms of processing cash transactions (i.e., Venmo, Paypal, or credit/debit cards) do not alleviate the importance of knowing what your balances are.
It is a critical life skill to be able to accurately reconcile your accounts and ensure all payment transactions are appropriate and verified. Individuals that do not pay attention to their balances are the most likely to suffer from fraud and abuse.
It takes a little time, but it is well worth the effort. Without accurate balance information, one cannot calculate their “net worth” or do any proper forecasting and financial planning. Debt reduction plans and savings plans for future goals require us to start with real-time data on how much money is coming in, and how much is going out.
I’m happy to share more insight into ways to learn more, just let me know!
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