1. Financial Planning: Balancing a Checkbook

2. Financial Planning:

3. Checking Account Simulation
Pretend you opened a checking account on October 1st and put $100 in your account.
On October 4th, you deposited $50 more.
You wrote a check to your brother/sister for his/her birthday for $125 on October 5th. He she put the check in his/her desk and forgot about it.
You use your ATM card at Wal-Mart to buy a DVD on October 7th. The amount was $25.
On October 20th you check your account balance at the ATM. It shows you have $125 in your account.

4. Checking Account Simulation
Balance:
$125.00

5. Checking Account Simulation
On October 22nd you use your ATM card to buy the following things:
Starbucks Coffee $5.00
Shoes at Kohls $25.00
Lunch at The Olive Garden $15.00
Movie Tickets at Cinema Star $20.00
Video Game at Best Buy $50.00
Total Spent on October 22nd: $115.00

6. Checking Account Simulation
On October 21st, your brother/sister finds the check you wrote and cashes it. What happens next?
Starbucks Coffee $5.00
Shoes at Khols $25.00
Lunch at The Olive Garden $15.00
Movie Tickets at Cinema Star $20.00
Video Game at Best Buy $50.00
Total Spent on October 22nd: $115.00
$35.OO Overdraft Fee
$ in Fees!
$ in fees
+ $ in purchases
$ you owe the bank!

7. Checking Account Simulation
What is the lesson?
Don’t just depend on what the ATM says you have in your account.
You have to keep track of the money you deposit and withdraw from your checking account.

8. Check Register 10/1 Deposit 100 00 100 00 10/4 Deposit 50 00 150 00
/5 John Doe – Birthday Gift
10/7 Walmart - ATM
10/21 Starbucks - ATM
10/21 Kohls - ATM
10/21 Olive Garden - ATM
10/21 Cinema Star - ATM
10/21 Best Buy - ATM
10/21 Overdraft Fee
10/21 Overdraft Fee

9. Parts of a Check

10. Writing Checks Jane Doe October 5, 2010 John Doe 125.00
One hundred twenty-five & 00/
Jane Doe
Birthday Gift
1234

11. Writing Checks

12. Writing Checks The Wrong Way
October 5, 2010
John Doe 9
25.00
Nine hundred
twenty-five & 00/
Jane Doe
Birthday Gift

13. Do not sign/write/ stamp below this line
Endorsing a Check
ENDORSE HERE:
X _____________________________
______________________________
Do not sign/write/ stamp below this line
John Doe

14. Checks

15. Check Register

16. Bank Statement

17. Practice Entering Transactions
Beginning Balance $250.65
Check #1234 to Southern California Edison (SCE) for $80.33 on 9/1/10
Payroll (Direct Deposit) of $ on 9/2/10
ATM Withdrawal of $100 on 9/4/10
Check #1235 to Macy’s for $29.94 on 9/6/10
Walmart debit card purchase of $15.22 on 9/9/10
Check #1236 to Farmer’s Insurance for $22.05 on 9/11/10
Void Check #1236 to Farmer’s Insurance (add $22.05 back in)
Check #1237 to Farmer’s Insurance for $22.50 on 9/11/10
Payroll (Direct Deposit) of $ on 9/14/10
Check #1238 to Nuevo Water Company for $52.87 on 9/19/10
Check #1239 to The Gas Company for $32.44 on 9/20/10
Birthday gift deposit for $ on 9/22/10
Target Debit Card for $36.76 on 9/25/10
Walmart Debit Card for $15.33 on 9/29/10
Ending balance should be $514.59

18. Check Register 250 65 1234 9/1 Southern California Edison 80 33 170 32
/1 Southern California Edison
9/2 Deposit – Payroll
9/4 ATM
/6 Macy’s – Lingerie
9/9 Walmart – Debit
/11 Farmer’s Insurance VOID
9/11 Farmer’s Insurance
/11 Farmer’s Insurance
9/14 Deposit – Payroll
/19 Nuevo Water Company
/20 The Gas Company
9/22 Birthday Gift – Deposit
9/25 Target – Debit
9/29 Walmart – Debit

19. Reconciling Your Bank Account√ √ √ √ √ √
9/8 Withdrawal – ATM