Girl, Get Your Money Straight by Glinda Bridgforth

Author:Glinda Bridgforth
Language: eng
Format: epub
ISBN: 9780767911313
Publisher: Crown
Published: 2002-05-14T00:00:00+00:00

Eliminate Checkbook Chaos

Regardless of a person’s ethnicity, poor checkbook habits are very common and are often the place where financial chaos starts. Because the checkbook is a tool that most of us use on a daily basis, we have lots of opportunity to sabotage it. Usually we are afraid to maintain it properly because we don’t want to know how little money we have. Sometimes we may just say “Why bother with the checkbook, since it probably won’t balance to the bank statement anyway.” It’s a frustrating experience and hard on the ego when we see ourselves as intelligent black women who can’t seem to master a simple checking account. Some of us go into denial by sticking our heads in the sand, hoping the account will balance itself. Or we try to fool ourselves by saying it’s not that bad or that important. Others, like Rachel, become paralyzed and avoid dealing with a checking account by storing their bank statements without even opening the envelope.

These behaviors, although they help us get by temporarily, ultimately lead to vagueness and uncertainty where our checking accounts are concerned—and that fogginess leads to unnecessary fear and anxiety with every aspect of our money. These unsettling emotions can also translate into a mind-set of scarcity and lack that further contributes to the overall unhealthy state of our finances.

It’s of vital importance to balance your checking account monthly by walking step by step through the reconciliation process. Some sisters try to use shortcuts—like calling the bank every other day to see which checks have cleared. Or checking their balance and last five transactions for free by accessing their account through an ATM. At least, that’s doing something to monitor your account. But it’s an unnecessary, timeconsuming step. (Plus, at some banks you’re charged for each telephone call over a specified number.)

If you follow the day-to-day healthy checkbook habits presented here, it should be necessary to reconcile or balance your account only once a month. In addition to the confidence you’ll get by knowing how much money you have at all times, it’s the best way to ensure there’s been no accounting or mathematical errors on either your part or the bank’s. And banks do make mistakes. For example, one day a new client described a letter she had received from her bank. “Dear Ms. Smith,” the letter said. “We are sorry that the deposit you made to your account on May 15 for $600 was not credited until September 7. We apologize for any inconvenience this may have caused you.” And wouldn’t you know, my client had no idea the deposit was ever missing!

Knowing that you have control over your checkbook is very empowering. The joy and exaltation that clients display the first time they balance their checkbook is fun to watch. The instant my client Jasmine hit the calculator button and realized the $597.38 in her checkbook register equaled the $597.38 on the bank statement worksheet, she leaped out of her chair and began

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