Financial Management 101: 4 Simple Tips To Help You Manage Your Checking Account
Checks may be outdated in today's world, but checking accounts are not. Instead of using paper checks, people use debit cards to make transactions. While this is very convenient, it can make managing your checking account a lot more difficult. After all, you're no longer using a ledger.
Luckily, with a little knowledge and these four tips, you can make managing your finances quick and easy:
1. Always Look At Pending Transactions
It is important to note that your available balance may not actually be correct. As you make purchases, some transactions will sit under the pending tab. If you only check your available balance before making a purchase, you could overdraft your account. So if you plan on making a large purchase and you have limited funds, always account for any pending transactions first. This will ensure that you do not overdraft your account.
2. Enroll In Overdraft Protection
Depending on your spending habits, you might want to consider enrolling in overdraft protection. This handy feature will automatically decline any transactions that go over your available balance. While this feature certainly isn't foolproof, it can help you manage your money better.
3. Know What The Monthly Fees Are
Another helpful tip is to know what your monthly fees are. Depending on your bank, you may have to pay a monthly fee for your checking account. You might also have to pay additional fees for printed statements, ATM usage, and more. These fees can add up quickly, so be sure to ask your bank what types of fees you'll be paying – and how much they'll cost. Once you know how much you'll be paying every month, include it in your budget.
4. Utilize Banking Apps
Finally, utilize banking apps to make managing your funds quick and easy. Most banks in today's world have a downloadable app that can really streamline your banking process. You can check your balance, view your statements, and transfer funds all from within the app.
Depending on your bank, you may also be able to deposit checks. You might also be able to use a variety of financial management tools. These can all make managing your accounts simple, quick and easy.
As you can see, managing your checking account doesn't have to be difficult. By talking to your bank's checking services and implementing these four tips, you'll be well on your way to keeping your checking account in good standing.