Do you know how much money you have in your bank account right now? With online banking, it's so easy to check your account balance regularly. And it's important to do so regularly. Online banking and shopping may be very convenient, but it also means that there is a risk of thieves accessing your account. There are also a number of other reasons why you should check your bank account every week, or even more frequently than that …
1. Unauthorised Transactions
Checking your bank account regularly means that you'll quickly pick up on any unauthorised transactions. The quicker you notice them, the quicker your bank can act to recover your money. Look out for small purchases as well, as thieves may use this to test if anyone notices the money gone.
2. Know Your Balance
You'll also be able to keep track of your balance by checking your account frequently. This is so important. What if your pay check is late hitting your account? You could end up being overdrawn if you don't realise. You'll know if you have enough money in the account to meet your bills, and can transfer money from another account if you don't.
3. Avoid Overspending
When you know what your balance is, you'll know how much you can spend. You won't go shopping and then realise that you don't have enough to pay your rent. If you can't afford to go out, you'll stay at home, rather than blowing your cash on a night out and then panicking.
4. Stay in Credit
It's easier to stay in credit when you check your account balance every week. Going overdrawn can be costly. Not only will the bank charge you for going overdrawn, but you will be hit with extra charges if any direct debits are returned. Bank charges can soon add up, and exceeding your overdraft by even a small amount can be very expensive.
5. See Where Your Money Goes
It's worthwhile having a spending review from time to time. Looking at your account regularly will help you to analyse your spending. Do you spend online when you're bored? Are you blowing cash on nights out, clothes, or ordering takeout twice a week? You might not realise just how much you're spending on each particular thing, but looking at your online statements will help you see the patterns in your spending.
Checking your account regularly gives you peace of mind. You'll know that you're on top of your finances, and will know about any problems quickly. Being in control of your finances is a responsible and smart thing to do.
7. Up to Date
Reviewing your account means that you'll keep all your financial transactions up to date. You'll know when payments are due, and if something doesn't go out of your account when it should, you can look into what's happened. You'll see if you're paying out on something that you need to cancel, like an insurance policy for a car you've sold. And you'll pick up on any mistakes you or the bank have made..
It's not just your current account that you need to check regularly; it's just as important for your credit card and your savings account. Also look at your student loans and mortgage if you have one. Have you ever had any problems with your bank?