Piggy Bank: Keep up with Your Money
Piggy Bank: Keep up with Your Money
Piggy Bank: Keep up with Your Money
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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.
Record transactions
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!
Avoid over-spending
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.
Review statements
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: https://stockton.com/guides/conquering-credit/