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It Pays to Balance Your Bank Statement

If you file your bank statements away with unopened statements from previous months, or delete email reminders that electronic statements are ready to review it’s time to reconsider. Balancing your bank statement can save you money and keep you in touch with the realities of your finances.

  1. Look for automatic deductions from your account for bank fees and/or recurring payments. Losing track of automatic deductions is a leading cause of repeatedly overdrawn checking accounts.

  2. Check for mistakes. Even in with electronic money transfers and digital payments mistakes happen. If you use electronic bill pay it’s even more important to make sure payments are correct and that any recurring payments you stop did not squeak through for another month.

  3. Take a moment to look at how you spend money. If you’re trying to pay off debt or add more to savings each month your checking account is a great place to look for savings. If you use your debit or check card often you might not realize how much you’re spending on take-out food, snacks, and incidentals you can easily live without.

  4. If you don’t recognize a charge take the time to track it down. Unfortunately it’s not unusual for charges to hit debit and credit cards from unscrupulous websites and retailers who routinely bill small amounts to thousands of accounts. Many account holders don’t notice for months.

  5. Balance your account to the penny. Seemingly small mistakes can help you uncover bigger issues with your account. Balancing monthly helps keep you on track and fights fraud.

It only takes minutes to stay in touch with your finances and pays dividends for a lifetime.