Piggy Bank: Keep up with Your Money
Insufficient funds. Overdraft fees. Bounced Checks. These terms are about as scary as it gets when you start managing your own money. Not only is it embarrassing to not have money to fund the purchases you have made but it can be expensive. You see, there are fees associated with checks that bounce or debit card transactions posted to your account without the sufficient funds present. That is why it is so important to keep track of your money; put yourself in control and keep the control.
Below, I’m sharing, with the help of the folks from Hands on Banking, some suggestions to maintain control over your money.
Save your receipts
Every time you make a transaction using an ATM card, debit card, or check, save the receipt you receive and record the information in your register.
Use your transaction register to add deposits, subtract withdrawals, and track your current balance. Remember: some transactions may not have been processed by your bank yet!
Keeping track of your account balance will help you avoid spending more than you have in your checking account. This can help you avoid having your debit card transactions declined or having your other transactions paid into overdraft or returned unpaid by the bank.
Each month, the bank will send you a statement. It lists your balance at the beginning and end of the statement month, and all transactions that the bank has processed during the statement month.
Compare with bank
Every month, review your statement along with your register and your receipts to make sure that your records and the bank’s records agree. This is called reconciling, or balancing, your account.
As you learn to maintain control over your money and use of your debit card, you will be setting yourself up for a future of good credit! To learn more about the impact that your credit can have on your future, download a free copy of our credit guide: http://info.smcapproved.com/credit-guide