Foundations in Personal Finance: Middle School Edition for Homeschool
Chapter 1: Lesson 3 Activity
Balancing Your Bank Account
BALANCING YOUR BANK ACCOUNT
It is important to keep track of your spending—whether you are using a debit card, making
online purchases (with your debit card), or writing checks. At first, keeping track of all of
your transactions may seem tedious, boring, and unnecessary. But once you get the hang of
it, balancing your bank account is actually easy and gives you peace of mind knowing how
much money is in your account. By keeping track, you can avoid things like overdraft fees.
Remember, when you take responsibility for your money, you will be in control, and you will
likely find that you have more money. Here are some helpful tips for balancing your account:
If you are diligent with recording all of your transactions in your register every time you
spend money or add money to your account, your register will have your most current
The account balance shown on an ATM receipt, and often on your electronic account
information, may not be completely accurate if every transaction has not yet been processed.
Contact your bank if you think there is a mistake. It is not uncommon for mistakes
Don't get discouraged. Balancing your account takes practice. The more you do it, the
easier it becomes.
BALANCE YOUR REGISTER
WHAT TO DO:
In your account register—the simple tool to help you manage your bank account—you will
see a bunch of blanks. Starting from the left, you will likely see the following columns:
the date of the transaction
Type of Transaction:
the type of transaction made, such as a deposit, debit, check, ATM
withdrawal, or bank fee.
Description of transaction:
where you made your purchase, what type of deposit you are
making, or other information to help you know the details
the amount of a transaction or purchase
the amount of a deposit or credit to your account
the running total of the various transactions