How to Manage Your Checking Account Properly [5 Tips]  

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Do you know someone who is good with money, or who is always on top of their finances? How do they do it?

 

People who are good with money all have at least one thing in common: they take the time to manage their accounts. Most likely, they never let a week go by without examining their checking account balances and transactions at least once.

 

Managing your money helps prevent overspending and the resulting credit use because it forces you to confront the facts about your money. While it does take some work, it doesn’t have to be hard. Here are a few ways to keep an eye on your checking account:

 

  1. Use your checkbook’s ledger- record any purchases you make with a check in the ledger that came with your checkbook. This is easiest to do as you write the check. Simply fill out the check, then record the date, amount being paid, the check number and any other information you have space for in the ledger.
  2. Use online or mobile banking if available- if you have access to an online banking or mobile banking account, you will be able to track your transaction history.  Online and mobile banking can help you track your spending by category. This helps prevent overspending and ensures what money you are spending is going to the right places.
  3. Check your monthly statements- you should be receiving monthly account statements, either through the mail or through an electronic delivery system like eDocuments. These allow you to see all purchases and deposits for your checking account for the last billing cycle.
  4. Use a telephone banking service- many checking accounts and financial institutions offer a telephone banking system. You may be able to check account balances, review checks and transactions over the phone.
  5. Call your bank and ask- if you ever have questions about your account, you are well within your rights to call and ask your financial institution about them. As your bank, they have the responsibility to help you with any issues you run into.

 

Again, managing your checking accounts does not have to be hard work, but it is an ongoing task.

 

Putnam Bank offers online services such as Online Banking, Mobile Banking and eDocuments to help you stay on top of your checking account 24/7. To learn more about these services or our checking account offerings, take a look at our Personal Banking Services.

 

 

Putnam Bank, member FDIC and Equal Housing Lender