How to Manage Your Checking Account

In a perfect world, everyone would immediately record every transaction they make in their checkbook register and balance their checkbook with their bank statement every month. However, we all know that many people don’t do that, which can cause you to pay many fees that you wouldn’t have to. In order to manage your account more effectively, here are some tips:

• Balance Your Account Every Month. Sorry, but you just have to do this. Try and do it as soon as you receive your monthly statement.
• Use your Debit Card as a Credit Card. By using your card as a credit, the transaction is not posted immediately and you can catch any mistakes. The sooner they are caught the easier they are to fix.
• Write Fewer Checks. The fewer checks you write the fewer you have to account for. If you write several checks for less than $20, consider paying with cash instead.
• Watch Your ATM Usage. Every time you use an ATM or debit card you have to record the transaction. If you don’t use your financial institution’s ATM machines, you are probably paying a transaction fee. Try to withdraw enough cash to last the week or request cash over when you are making a purchase.
• Get Overdraft Protection. This will cover you if you make a mistake or run short, and save you money and embarrassment. Even if your financial institution charges for the service, it is cheap insurance.
• Use Internet Banking. If you haven’t looked into it lately, you should. Financial institutions have really improved the quantity and quality of the services offered electronically. You can get information on your account online and correct any mistakes quickly.

Finally, look into direct deposit of your paycheck. It is a great way to get money into your account quickly, safely, and with no effort on your part.