No, most people do not balance their checkbooks in the traditional, manual way. Studies indicate that between 79% and 87% of people rarely or never balance their checkbooks, often relying on digital, real-time banking apps to track transactions instead. While less common, this practice is still recommended to spot fraud, bank errors, and avoid overdraft fees.
Online banking with instant account updates makes balancing your checkbook an unnecessary task. However, if you still write paper checks, you may still want to maintain a check ledger. The easiest way to overdraw your account is by writing checks and then forgetting about them.
You're not alone. An online consumer poll reports that only 21% of respondents balance their checkbook regularly. Heck, you may not even KNOW how to balance a checkbook. With debit cards and mobile banking, many people have abandoned the one sacrosanct monthly statement review.
Balancing your checkbook each month within a day or two of receiving your statement will not only reduce your stress level, it will lessen the amount of time it takes to complete the task. On the back of your monthly statement is a handy form to help you balance.
Vericast Insights: Checks By Choice
Checks remain a trusted payment method, even in today's digital-first world. The Vericast Paper Check Usage and Sentiment Survey (May 2025) found that over half (53%) of respondents reported choosing to use a check despite having digital alternatives.
Federal Reserve data shows that about 23% of Americans have no debt.
Paper checks accounted for just 3.8% of consumer transactions in 2022, according to data from the Federal Reserve Bank of Atlanta. However, there are still some situations when you may want to use paper checks.
You don't need to be writing paper checks to balance a checkbook. Whether you use a notebook, spreadsheet or even a budgeting app, keeping track of your transactions lets you catch mistakes, spot fraud and stay on top of your spending.
Personal Savings in the U.S.
18 percent said their saving were at least $1000 but under $10,000, while 11 percent each had $10,000 to $49,999 and $50,000 or more saved up.
How to Balance a Checkbook in 4 Steps
The "$10,000 bank rule" refers to federal laws requiring financial institutions and businesses to report large cash transactions (deposits, withdrawals, payments) of over $10,000 in currency to the government to combat money laundering and financial crimes. Banks file Currency Transaction Reports (CTRs) for cash activity over $10,000, while businesses file Form 8300 for similar payments, both sending info to FinCEN and the IRS to track illicit funds.
What's the average checking account balance? The most recent data available from 2023 puts the average amount in Americans' checking accounts at $62,410. However, that doesn't tell the full story, as the median is just $8,000.
From the starting balance, add all deposits and subtract all withdrawals or purchases. Keep the running tally going every time you complete a transaction. Missing a transaction will throw your balance off. Now, once a month (or more often), check your bank statement against your check register.
In today's world, reconciling your checkbook isn't a common activity for two reasons: Paper checks probably only account for a small amount of your total expenses per month. You probably have an automatic record with your bank's online services showing how much you paid for anything purchased with a debit card.
The "27.39 rule" (often rounded to $27.40) is a simple financial strategy to save $10,000 in one year by consistently setting aside $27.40 every single day, making it an achievable micro-saving habit to build wealth or an emergency fund. It turns the daunting goal of saving $10,000 into a manageable daily action, emphasizing consistency over large lump sums.
For a 70-year-old, average retirement savings vary significantly by source, but generally fall between $250,000 and over $600,000 (mean/average), while the median (half have less) is much lower, around $100,000 to $200,000, highlighting a wide gap due to high earners skewing averages. Key figures show the mean for ages 65-74 around $609,000, but the median for that group is closer to $200,000.
The Pew Research Center defines the middle class as households that earn between two-thirds and double the median U.S. household income, which was $83,730 in 2024. 2 Using Pew's yardstick, middle income is made up of people who make between $55,820 and $167,460.
Check registers may be outdated, but tracking your spending is not. Balancing your checkbook is still a valuable tool in money management, it's just now easier than ever to do.
Private Equity and Hedge Funds
Millionaires and billionaires may seek out hedge funds or buy into a private equity fund to expand their portfolios. Each one offers a different way to take advantage of market movements. Hedge funds are private investment pools that are funded by multiple investors.
WASHINGTON – The U.S. Department of the Treasury announced that the federal government will stop issuing paper checks for most federal payments on September 30, 2025. If you are one of the few people who still receives a federal benefit check, it's time to switch to an electronic payment method.
While fraud risks exist, the tangible nature of checks still feels more secure to many compared to purely digital options. Proven Reliability: Checks have been around for generations, earning trust as a reliable payment method. Small businesses, landlords and even government systems still rely on them.
While many banks have moved to digital formats for canceled checks, if you have physical copies or reprints from your bank, shred them. They contain a lot of personally identifiable information that could put you at risk. Stop those canceled checks from posing a risk by having them shredded.