This system involves keeping accurate records in your checkbook. It's a good system if you normally write checks for just about everything. The only expenses you'll be missing are those petty cash items. If you note in the checkbook ledger or a separate notebook where petty cash goes, then the checkbook system can be as complete as the ledger system. The checkbook also has the advantage in that the expenses are recorded only one time rather than being transferred to a ledger.
Some couples who choose to use the checkbook system provide for a "wild check", a check which each person carries with them in case of emergencies. It's easier than carrying the entire checkbook. This way you're never stuck needing the checkbook when the other person has it. Single people may also find the "wild check" idea helpful.
While the checkbook system is fairly simple and can help the household unit develop cooperation, however, discipline is required. This system, like all others, is only as good as the record keepers.
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