How to track two debit cards on one account effectively?
April 15, 2009 4:10 AM Subscribe
Two debit cards + One checkbook register = Recipe for disaster. Suggestions?
posted by skypieces to Work & Money (18 answers total) 5 users marked this as a favorite
My wife and I have a checking account on which we can use a checkbook or either of two debit cards. I carry one, she carries the other. I usually keep the checkbook since the only thing we use it for are bills we can not pay online/with card. (I usually handle bills.)
Ideally, when paying with a debit card, we enter the transaction in our register as though it were a check purchase, usually immediately at the scene of the purchase. But, since we have two debit cards, we often are left hanging on to receipts with the intention of entering them later. In rare instances we have overdrafted due to lost receipts. But, mostly, it is that little bit of psychic drain that I get from knowing there is a hole in my system. Keeping two separate registers and reconciling them daily/weekly might prevent the receipt chase, but it would still be an extra step that would probably derail our system at some point.
I need to be able to establish a "best practice" routine for both of us that works. Between kids, grad school, etc. we really need something simple and effective. Suggestions?