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Your money has quite a life. Every day your money is going out and, hopefully, coming in. While we can’t always hold on to our money for as long as we want, we can always keep track of it. No matter how much or how little money you knowing where it’s supposed to be will keep you financially healthy today and in the future.
For every bank account, credit card and service you have, the company thoughtfully prepares a statement each month tracking you purchases and payments. Most of them even send these statements directly to your real mailbox and email inbox every month. They don’t do it just to be nice. Often part of the agreement you made with these companies includes a time limit on your ability to challenge charges to your account. It’s important to go through your statement each month and ensure every transaction is correct.
Beware of Fraud -Criminals who specialize is credit card fraud often put a minimum charge on a card and wait to see if the owner notices. If not, they feel free to use your card and spend thousands. Even a small error needs to be addressed immediately.
Human Error – You might have written down a number wrong when recording a check and the balance could be off for months unless you catch it. Thinking you have too much money might cause bounced checks or overdrafts.
Use your head and balance that statement.
