- Save receipts every time you make a transaction with your ATM card, debit card, or check. Use these receipts to record your purchases.
- Record your transaction in a statement book – add deposits, subtract withdrawals, and track current balance. Allow ample amount of time for transactions to be processed. If you notice a discrepancy, talk to your bank immediately.
- Avoid over-spending by accurately tracking your account balance. Keeping a good record of transactions will allow you to know your current balance and avoid overdraft or return check fees.
- Review monthly statements. It’s tempting just to register yourself for auto-pay and not check on the status of your account or assume you have enough money. Reviewing statements allows you to determine if you were overcharged for something or if someone stole access to your account. It also helps you understand where your money is going each month.
- Compare your statement book with the bank’s monthly statements. If you’ve forgotten to enter a receipt, reconcile this difference. Getting in this habit early will help you in the future when you have more on your plate like a mortgage, health insurance, and car payments.
To learn more about financial literacy, visit Hands on Banking’s “Keys to Keeping Track” resource center.
