Managing your personal checking account properly can help you ensure you know exactly how much money is in your account at all times – making it easier to pay bills and catch any mistakes in your account. It can also give you the foresight to understand your spending patterns and create a plan to keep your money safer as you are taking advantage of the convenience of online banking. If you are looking to do a better job managing your personal checking account, put these three money management tips to work for you.
1. Balance your personal checking account regularly
In the most basic sense, checking account management equates to balancing what is coming into your personal checking account against what you are paying out. Many people rely on their account statements to keep track of available funds, but it can also be very beneficial to keep a ledger of your own. Doing so can help you pinpoint any discrepancies and help you keep a better eye on your finances. To keep the most accurate checking account ledger, remember to keep receipts as you shop and write down money transfers, bill payments, and any fees when you are accounting for debits in your ledger.
2. Take advantage of online checking account features
There was a time when checking account management was done solely by keeping a balance ledger and waiting for mailed account statements or contacting a branch. Now, with mobile and online checking account features, you have even more ways to manage your money.
- Pay bills on time automatically (and save checks) with online bill pay features. Online bill pay offers you a secure way to get your bills paid without ever having to write a physical check or use a postage stamp. To take advantage of this feature, you typically have to do no more than sign up to access your checking account online and enter basic account information.
- Sign up for mobile banking and give yourself access to your checking account anytime, anywhere you have access to the internet. When you do, you can check your available balance on the go and pay bills or transfer money between your accounts if you need to.
- Take advantage of mobile banking alerts if they are available. Many banks allow you to sign up for mobile banking alerts that will notify you directly when certain account activities take place.
3. Put standard and online checking account security tips to use
The third, and perhaps most important, aspect of managing your personal checking account is taking the steps necessary to ensure your money is safe. Follow basic checking account security guidelines, from using a ball point pen to write checks, to creating secure online passwords. The more you educate yourself on the tools available to protect your money, the better off you will be in the long run.
If you are looking for more money management tips for your personal checking account, start by contacting your bank to find out what accounts and features are available to you. Having the right account is the first step in properly managing your money, avoiding unnecessary fines and getting the most out of your checking account.
Sponsored content was created and provided by RBS Citizens Financial Group.