Change in Your Pocket: Checks and Balances | Video

Joel Porter | 10/25/2012

These 9th graders are playing volleyball in phy-ed class. Soon, many will combine work and play as they get side jobs, and teachers at Simle Middle School are showing them how to handle their money responsibly.

"Some of the ones I`m teaching are starting to get debit cards and I think more than anything, just understanding you can only spend so much money and that`s what you have in your account and overspending is going to get you into trouble," said career-ed teacher Scott McPherson.

Spending is the easy part, since many places now only take cash or plastic for goods and service.

"When a customer uses a debit card or credit card or cash for that matter, it`s guaranteed funds for the business. When the business accepts the check, they kind of take on the risk that maybe that check and the funds are not available," said Dakota Community Bank Assistant Vice President Mike Herner.

That`s one reason why checks are disappearing from the marketplace, but there are ways you can keep tabs on your money.

"The biggest thing is to keep a register, even if you`re still using a debit card. The other thing is, with technology and internet banking, that`s a good way to continue to track your transaction or to protect you from fraud as well," Herner said.

Thanks to online banking, you can find out in seconds if your account is low on funds. However, the majority of people simply don`t sit down and balance their checkbooks anymore. But there are reasons you should. Banks are not perfect and can make mistakes, Typically, you only have about 60 days to report a problem.

"Make sure to save your receipts for every transaction. Sometimes, there might be a duplicate transaction on your account and by saving your receipt, will help you dispute that transaction if need be," Herner said.

"You shouldn`t always rely on what your bank account says online. So it`s really taking control of your own personal finances and making sure that you know what you`ve got going on," said Junior Achievement District Manager Sally Paulson.

In the next few weeks, Paulson will be showing these 9th graders how to take control of their money, starting with building credit and not spending what you don`t have. Good advice for anyone that`ll save you change in your pocket.

If you absolutely can not get your online statement to match the balance in your register, you have the option of closing and reopening a new checking account and starting from scratch.

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