How to manage your checking account correctly
Managing money is quite a tedious task. Nevertheless it is essential if you want to make sure that you have all of your money accounted for. Now, to make it easier for you to supervise your income, it is important to get a bank account. This secures your money better as compared to keeping all the money that you have in a safe at home. It may even earn you a little through the interest rate that banks give. Now, here is how you can correctly manage your checking account.
- Monitor your checks.
Your checkbook has a definite number of checks in it. Each check has its own check number. Whenever you write out a check, make sure that you put it in a list. Jot down the exact amount that is on each check, the date on it, to whom you gave the check to, and the check number. This way you are able to monitor what are the checks that went through and what are the ones that did not.
- Compare list with monthly statement.
Sometimes banks do not give bank statements to their customers concerning their accounts. It is very important to obtain these documents because this shows you details about your account so better request for a statement monthly. This document will show how much money is left on your account. This will tell you when money went out and when the deposits went in. With this information, compare your list and see whether the amount balances. If it does then no problem but if there is a discrepancy, call your bank immediately for questions on your account.
- Keep information to yourself and/or authorized parties
A check has important information about you and your bank account. It shows your full name, which bank and branch you have your account with, the routing number and if you permitted, perhaps your electronic signature. These information thieves can use this info to hack your account and withdraw money from it electronically so better not to just give out account information to anybody and always secure your checkbook. In case of theft, let’s say your bag was stolen and it had your checkbook in it; report it immediately to your bank so they can put an alert on your account for fraudulent activities.
If you are able to do these things when organizing your checking account, you will see that you will have less money problems in the future. You will also feel secure in knowing where all of your hard earned money went.