Checkbook Ease Features
bank accounts and budget. The samples budget files are based on the set up example
below. The quickest way to learn
Read the set up example below:
Watch the Video Tour at http://www.checkbookease.com/
Use the sample files to practice using Checkbook Ease
Use the help files and tips of the day for further information
There are four basic steps to setting up Checkbook Ease:
Step 1. Define your Goals. (Top )
We will use a fictitious family, John and Martha Denton who have two children, a son Adam, age 14 and a 9 year old daughter Jessica. John works as a technician for Hi-Tech Partners a technical company and earns $27 per hour. His company provides a good health plan for the family and also life insurance for John.
Martha works part time as a
medical insurance specialist for
1. Allocate $835 per month to pay off credit card debt first.....then after the debt is paid..
2. Save $335 per month for children's education.
Step 2. Set up your bank accounts and credit cards (Top)
The budget should add up your total monthly income (take home pay).
The budget of $4,965 per month equals the total income of the family; therefore all their income has been budgeted.
Detailed construction of the budget
Credit Card Payment (Top )
The Checkbook Ease Credit Card debt reduction planner was run. A plan using the minimum payments would take almost 11 years to pay the debt and incur $4,141 in interest charges.
Minimum Payment Plan
Checkbook Ease credit card planner was then used with a fixed payment of $835 and the option to pay off the higher interest rate card first. This plan yielded a total interest of $696, a savings of $3,663 in interest, and the debt being paid off in 1 year instead of 11 years!
interest rates were not used. This example is to demonstrate the
The fixed expenses category contains the fixed payments the
Step 4. Transfer money into Budget (Top )
After you have entered the budget into Checkbook Ease, the next step is to transfer or set aside money into each budget category. Money that has not been budgeted is called disposable cash. Before you budget any money, all the money in your bank accounts is considered disposable cash. You budget money by transferring money from disposable cash to a budget category by selecting the Transfer to a Budget Category. This money shows up in the balance column of the budget category. As you enter transactions and assign a budget category, the balance (the money left to spend) is either reduced or increased depending upon whether the transaction is a charge or a credit.
If you get paid once a month, near the end of the month, you would usually set up the upcoming months’ budget after your paycheck has been deposited into your checking account. You do not have to transfer money into one category at a time. Checkbook Ease has, on the Transfer Money form, the option called Monthly Transfer – This will transfer one month of budget expenses from disposable cash to your budget balances.
Another alternative is to use the budget split feature. As an example, you can allocate your paycheck into several budget categories. Thus your budget will be updated as you you get paid. You can use the schedule transaction feature to automatically enter your paycheck and put money into the budget when the transaction is entered.
Additional Money Transfers
In addition to the monthly transfer, we need to set aside the first 5 months of budget for the following Fixed Expenses:
Real Estate Taxes ... $150 per month for 5 months
House Insurance ... $100 per month 5 months
Car Insurance ... $100 per month 5 months
Total per month $350 per month
Total for 5 months $1,750
We will transfer $1,750 from disposable cash to fixed expenses. This finishes the setup.
To change a transaction, click on the transaction in the List of entered
transactions, make your changes and hit enter.
1. You can use any existing transaction as a template for a new transaction.
2. Click on an existing transaction.
3. Make your changes such as check number, or amount then
the NEW button and a new transaction will be entered.
The Day Planner consists of an appointment calendar, a notepad editor and a picture viewer. To view an appointment, pass the mouse over the date. Dates that have appointments, holidays or are special dates will have a white font. To enter an appointment, click on the date and type in the appointment box. Double clicking in the appointment box will bring up the appointment editor. Clicking the Hours button will add times to the appointment. You can change, add or delete an appointment at any time.