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DAT E:

HowtoManageYour
CheckinsAceount,ror
Part 1: How to Write a Check
Directions: Take a look at the check below and discuss the following steps to properly use the blank checks provided to practice writing a check.
> Date: Month, Day and Year

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32

fill out a check. Then

> Pay to the Order of: This is the person or business you are writing the check to. > Dottar Box: This is the numerical amount of the check you are writing. > Dottars Line: The written out amount of the cheek. For example: $108.34 would be written as: One Hundred Eight Dollars and B4/1O0's

'

For lor "Memo"l: Description ofwhat the check is paying for, such as account numbers, .'cable bill," "electric bill," "groceries," etc. (This is optional)

> Signature: Must match the name of the account hotder tisted at the top of the check

l,lame and

Addrcss of Account
Holder

Bank Name and Branch Location

Account
Number

Check Number

CHAPTER

Foundations in PersonaI Finance High Schoot Edition

Hornr

to Manage Your GheckinsAecouttt o^

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O f iU out three sample checks for the following transacti.ons:

izza Place, $22.46, D ate
Z/ 12/

Year

@ Auto fnsurance, $97.25, Date 3/15/Year

O Cett Phone Company,

$67.50,

DateS/Z'/Year

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CHAPTER 3

Foundations in Personal Finance High School. Edition

-7

HowtoManageYour
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Directions: Stayin$ in line with your budget is nearly impossible without tracking your spending. If a check is returned to you because you do not have enough money in your checking account, you will be faced with the
a bounced check, called a nonsufficient funds (NSF) fee. Not to mention the hassle and embarrassment ofhaving to re-send the check.

The bank gives you an organizer with your checks, sometimes called a check register. you may also find general account register forms online, through personal finance software, or you could even create your own. Whichever form you decide to use, keeping a written record of your transactions is important when it comes to managing your fi nances.

What account activities

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to write

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Write down in your registerwheneveryou: @ write a check

@ Use your debit card @ wtake a deposit

@ Have abank fee

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withdraw money

@ Have money refunded to your account

The trick is to record your transactions at the moment you make it instead of trying to remember to fill it in later. It may seem like a lot of work at flrst, but it will be easy once you make a habit of doing it. Don't fall into the trap ofjust going online and checking your account. Banking online is convenient, but without a paper record you']l miss errors in transactions-and it can happen. Also, simply tracking your account online will not give you an accurate balance. T,ransactions that haven't posted, like outstanding debit card purchases or checks, will not have been factored into your available balance. In short, not keeping a written account register is just lazy money management, and it will catch up with you

Fill out a new accountregister for ea,ch, rnonth. At the en-td of the month, reconcile (compare Jbr accuracy) your toritten record with your bank stqtement (either print or online uersion). Be sure to keep both uri,tten and, electronic files of all financio.l records.
Note:

CHAPTER 3

Foundations in Personat Finance High Schoot Edition

Hornrto Manage Your

Checkin$Aceouttt
Below is asample account reglister.

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Number or Code: If you've written a check, write the check number here (found in the upper right corner of your check). If you have another type of transaction, use a code: DC for Debit Card, ATM for cash withdrawal, T for transfer, D for deposit, etc. Date: Always record the date of all transactions. Description of Transaction: Make a quick note about the transaction so you'Il remember at the end of the month when reconciling your account. Tracking your purchases in this way will also help when writing a budget for the next month.

O fiU out the three sample checks for the following transactions:

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optlar P izza Place, $22.46, D ate 3 / 72 I Y e ar

luto Insurance, $97.25,Date 3/15/Year

Company, $67.50, DateS/2\/Year

O Cetlphone

) Place $478 in the beginning balance box.

O In order of date, flll in your check transactions from #1 along with the following transactions. Update the
balance ofyour account after each transaction

ffDebitCard, -7,QfWitnarawal,
$

Clothing store, new jeans, $56.23, Date3/74/Year Football game admission and concession, $20"0O, DateS/L9/Year
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iftatm fee, 2. o, D ate / te / Y ear Paycheck, $288.OO, 3/ 75/ Year afr "o"sit,
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CHAPTER

Foundations in Personal Finance High 5choot Edition