The Checkbook Calculator: A Portable Electronic Register

The need for a checkbook calculator

Modern financial life is fast-paced and complex. We buy products online at the click of a mouse, withdraw money at all hours of the day from 24 hour ATMs, and swipe charge cards through store registers. Losing control over how much we spend and how much is left in our account can be a serious problem that leads to overdraft or bounced checks. By using a checkbook calculator we can avoid such problems while doing proper personal finance budgeting.

Recording the details

Aside from recording the type and value of these transactions, we can also record the more annoying fees that pop up all the time. For example, withdrawing money at an ATM that is not part of your bank network incurs several fees. Or writing a cashier's check to a recipient using your bank account incurs a cashier's check fee. Using a checkbook calculator helps us keep track these incidental costs. If the idea of recording into a calculator is too foreign, try looking into our section on personal finance software reviews to find another tool. Some people use checkbook software such as Simply Checking to track transactions, but a more real-time solution is the checkbook calculator.

Double checking the bank statement

Before the monthly statement even arrives, the checkbook calculator helps us balance our finances and bank accounts. Should (heaven forbid) you incur a late fee or interest charges on a credit card, the checkbook calculator can easily calculate the compounding interest. Understanding the numbers is the first step toward being able to take control of your money management. With a monthly statement from the bank in hand, the checkbook calculator becomes an invaluable aid for confirming that the transaction entries in the bank's record matches those in your electronic record. By keeping your calculator with you at all times you may be able to catch subtle errors in your favor. This is a skill that can be picked up at a personal finance education center.

Basic calculator features

What type of features should you look for in a checkbook calculator? The modern checkbook calculator is far removed from those of even a decade ago. They are now more than rudimentary addition and subtraction machines perhaps driven by pressures from the checkbook software industry. The modern checkbook calculator is compact and light as a thick credit card, ensuring that it easy to carry around with you in your pocket or purse. The display is clear and easy to read in distracting situations (like at a cash register with a long line in a busy department store). The buttons are large and responsive. In addition the memory capacity is high enough to hold many weeks worth of transactions.

Advanced calculator features

Newer features found on many calculators now include, multi-account tracking (credit card, saving and checking) and security password protection to prevent others from looking into your personal finances. Many of the same features first appeared in checkbook software. The memory capacity is large enough so that the user may recall previous transactions many weeks ago. In addition, little frills helps you work out tips at restaurants, cost of products after sale reductions, and tax payments (which can changes from city to city).

Buying a checkbook calculator

There are several checkbook calculators on the market so look around for one that suits your needs and budget. The price ranges from very low end models at $14 (with basic addition and subtraction) to far more complex and feature-rich devices at hundreds of dollars. When it comes to keeping track of your money buying the best for your needs is the most important condition in our opinion. So do not buy cheap, instead compare and buy right. Still confused? Perhaps get some outside help by refering to a personal finance company.