Modern saying is that our bank account speaks more than we do. In a way, your bank account is reflection of yourself in this era. We all go through various day to day transactions, billings and payments, which make it hard for us to keep record of where our money went. Though banks have statement books, but keeping real time record and hardcopy is difficult. So here are few steps that will help you to maintain your bank account, without any complexities.
The most important aspect of account management is the flow of cash in your account. In order to know the money you’re currently having, you should know the expenditures and income.
Make a balance sheet in an app; you have lots of apps online to serve the purpose, now note down all the expenditures on the balance sheet. They could be house rent, electricity bill, monthly grocery bills, any EMIs, all type of bills and payments.
Now, note down the income you’re getting from all sources, like salary, monthly interests on fixed deposits, share profits, in a way everything. Now the money you will have is income subtracted by expenditure. This is the total money you have in for yourself. You can spare some amount for saving, as it is recommended, and rest you can spent on lifestyle.
The cheques you cash out, the money you collect from an ATM, the online transactions, the credit card billings, everything about your account should have a written record. You can simply write it down in an app on your mobile. If you like it to record on personal small diary, you can. But do keep record. This will help you to get to know the money you have in your account.
You should also keep record for cancelled checks, bounce checks, and all other cancelled transactions, as it will add to your balance.
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Now days, written checkbooks are become an old way to check your account. You can straightforward check your account on internet, if you have registered online banking. The simple username and password registration is required. It is an easy way to check all the transactions and money with just few clicks. I recommend you to check your accounts after 2-3 days, in order to have a clean record of where your money has gone.
You can also safely make payments online, while doing shopping or ordering foo online. It will help you to keep a record on your internet banking account itself. In a way, your record keeping just got easy.
Managing account is a good thing to do. Some people don’t keep a record and then worry where their money has gone. Keeping record is essential thing. Keep your bank statement book up to date, for any guidance you require at the end of the month, to evaluate your expenditure, income and savings.
By giving attention to these things, you can easily manage your account and keep an eye on your resources.