Checking account mistakes are something that almost everyone has made at one time or another. It is frustrating to discover a mistake in your checkbook. It can certainly set you up for further errors. These are things you can do to help you avoid checking account mistakes.
1. Write Amounts down Immediately
It is always best to write down the amount you spent immediately. If you don’t, the chances of it slipping your mind are very great. You may only discover your mistake when you realize you have a lot less money in your checking account than you thought you did. This can set you up for bounced checks and overdraft fees. Write down what you spend immediately to avoid checking account mistakes.
2. Don’t Forget Automatic Withdrawals
Automatic withdrawals can slip your mind if you aren’t careful. It is best to write yourself a reminder of when they will be deducted. A good place to do this would be your calendar. It can remind you of the exact date when each automatic withdrawal will be deducted from your checking. Automatic withdrawals for things such as bills can be very convenient but you have to remember to deduct them.
3. Recheck Your Work
All of us make an occasional mistake, no matter how wonderful we are with mathematics. It isn’t a reflection of intelligence. It is just human to make an occasional mistake. You may have been distracted when you were working on your checkbook. For this reason it is always wise to recheck your work.
4. Use a Calculator
Another tip to help you prevent checking account mistakes is to use a calculator. Calculators do not make errors. You can make an error in how you put the numbers in but if the numbers are entered correctly, the calculator will do its part. Most of us even have calculators on our phones so they are easy to access. One good thing about numbers is that they don’t lie. They either add up or they don’t; there is no gray area.
5. Keep a Close Eye on Your Account
Keeping a close eye on your account is a good idea. It can help you to catch mistakes early on. This is a better alternative than the mistake spiraling into a possibly huge mess. Online banking is an option for most people to use. If you can access your account with online banking then you can keep an eye on it daily.
6. Check for Transposed Numbers
This is such a simple mistake but it really can wreak havoc on your checking account. Let’s say you meant to write down that you spent 93 dollars but you accidently wrote down that you spent 39. That is a simple case of transposing numbers but it can cause a big issue if you don’t catch it. Always make sure you write the correct amount down in your checkbook. Usually you transpose numbers when you are distracted by something else.
7. Balance Often
Balancing your checkbook often is key to catching mistakes. Make it a goal to do this daily rather than letting it go till the weekend or whenever you feel like doing it. If you take that route, a mistake can really snowball into a huge mess. Balancing daily insures that you catch mistakes and correct them before there is any fallout from them. Once you start doing this more often, it will be very routine to do so.
Checking account mistakes happen to everyone from time to time. What are your tips to prevent them? Share them here.