Importance and ways to check balance

Importance and ways to check balance

It is imperative for you to keep track of your bank account. You must be up to date about the deposits and withdrawals of money made to and from your account. If you or your bank makes any mistake, you can immediately identify it. You can catch a theft if done, and moreover, you will be saved from a check bounce.

Why check your balance

You should make sure that you know how much money you have in your account. You can do it online using apps. Sometimes banks also make mistakes or unnecessarily overcharge. You can cross check your balance with that of the bank’s updates. This will help you to find out any errors and to remedy it before it is too late.

To get organized: The easiest way to check your balance in an organized way is checking online. You will just need your computer and account information. If you do it using pen and paper you will need, your most recent bank statement, check register, calculator, a piece of paper to work with. Start by writing your month-end balance followed by ‘bank balance’ written on the paper.

Comparison: Compare your check register and bank statement thoroughly and make sure they record everything. If you find anything missing from the check register, then include it unless you think it is the bank’s mistake. Add up all the deposits and withdrawals to see the net balance.

Calculations: You have now got a lot of numbers on your paper. Now add up your bank balance and deposits and then subtract the withdrawals from it. You will get the amount you need to have in your account. If your calculation does not match with that of the bank statements, you need to recheck your addition and subtraction. May be you have missed counting any premium amount or interest amount.

Once you are done with your checking, you can repeat it on every month. This will help you when needed or in any problem.