|
Author: Terry Rigg Article source: http://www.frugalfun.com/. Used with author's permission.
Checking accounts are an absolute necessity these days.
You can either have a checking account or run to the
bank or other outlet for money orders. Many people pay
for almost everything with a check including groceries,
gas, clothes and a long list of other things. When you
add an ATM card to this picture, your chances for a
potential problem is greatly enhanced.
Don't get me wrong. There are many people that can keep
their check book up to date, even deducting all of the
ATM advances and automatic withdrawals as they make them.
However, too many people that write checks for everything
wind up not entering a check when it is written or an ATM
advance when it is made. The result is a bounced check fee
of up to $25 for the bank and god only knows what the
store where you wrote the check could charge you.
It seems like carrying cash to pay for things isn't the
"IN" thing to do. When I'm in the check out line, most
people are paying with a credit card, debit card, or check.
I realize that carrying cash has it's risks. You could
lose it or have it stolen. What are the risks when paying
by check? There are absolutely none if you enter each check
and properly deduct the amount from your account. However,
I have counseled people that have as much as $100 per month
in overdraft fees. This isn't just for one month. This is
an average over a six month period. That is a lot of money
that these people couldn't afford.
What's the best way to handle my checking account?
If you don't have problems keeping up with your checking
account, keep doing what you are doing.
If you occasionally have bounced checks, I recommend that
you use your checking account only to pay your monthly bills
and use cash for everything else. If you have an ATM card,
destroy it.
With that said, I know you will probably not quit writing
checks or destroy your ATM card. So let's look at what
you need to do to keep up with your checking account.
Determine exactly how much money you have in your account
even if you have to go to the bank for help.
Enter that information on a new page in your check register.
Enter the date, your check number, payee and amount in
your check register when you write the check. Don't worry
about the people in line behind you. This will only take
a few seconds. If you like, you can deduct the amount of
the check when you get home.
Take your check book with you when you use the ATM and
enter your withdrawal while you are still at the machine.
Develop a system to deduct automatic withdrawals. It is
probably best to deduct these on the first of each month.
Add any deposits as you make them. You need to find out
how much and when direct deposits should be entered in
your check register.
When you receive your bank statement, reconcile it as
soon as possible. If you find any discrepancies check
them out immediately. Don't give up until you are sure
you have resolved the problem. The balance you show in
your check register should match the bank, less any bank
charges.
When you reconcile your bank statement be sure to clearly
mark the checks that have been returned to you. One of
the biggest problems people have with overdrafts is
missing a check that is taking a long time clearing the
bank. Go back at least a month to make sure all previous
check have cleared.
I really don't mean to insult anyone's intelligence with
this article. Having problems with your checking account,
as with all other money problems, isn't a matter of
intelligence anyway, it's a matter of discipline. It can
cost you a lot of money by not applying that discipline
to managing your checking account. Terry Rigg is the author of Living Within Your Means - The Easy
Way http://www.homemoneyhelp.com/ebookadpage.html and editor
of The FREE Budget Stretcher Newsletter and Budget Stretcher
web site http://www.homemoneyhelp.com. He has 25 years of
experience counseling individuals and families concerning their
personal finances.
Article Marketing & Copywriting Secret: How To Make Your Article TITLE Sell
Most authors are wasting their time producing dozens to hundreds of high quality articles that never reach a fraction of their traffic potential. It's a darn sh...
EBay Selling, Where to Locate Large Wholesale Lots
If you are an eBay high-quantity seller, you know how easy it is to flood the market and be forced to drop your price if there are too many listings of the same...
What Do You Want From Life?
People fail to have a fullfilling life because they don't act on their passions. Many never find a job that matches their talents because they don't demand what...
Saturated Fat Diet Piles on Pounds Around Organs
People who eat a diet high in saturated fat, which is found in meat and butter, accumulate more fat around the internal organs in the abdomen than those who con...
How To Turning Your Online Visitors Traffic Into Buyers/Customers Traffic?
Many leading search engines and b2b web sites offering online advertising pay per click promotions, search engines optimizations, Backlinks promotions, keyword ...
Dog Obedience Training
Dog obedience training begins with the owner. There are several tips to keep in mind before starting any dog obedience training.
Destroying Strongholds
Destroying Strongholds
My Children
As a single mom, it's often hard because you are the only one to deal with the children. You often second guess yourself and wonder if what you are doing is ri...
Help Prevent Wrinkles Through Diet
Need advice preventing wrinkles? Read this article for valuable tips for curbing wrinkles from proper diet...
What You Need to Know About Cat Food
Cat Food Info #1 Cats Need Protein in their Cat Food
The cat food you feed to your cat should always be rich in protein. This generally should come from...
A Formula For Improved Achievement
Everyone has more potential than they are currently showing. Sometimes the difference between a person's level of achievement and their potential is enormous. ...
46 Clues Your Partner is Having an Affair
Some serious and other not-so-serious clues that your partner might be having an affair.
Top 5 Ways to Stay Calm and Reduce Stress
Tips for reducing daily stress.
Motivation - The Power of Drive
Create a very clear and detailed picture of where you want to go and how you want your life to be. It can help to cut pictures from magazines, books, etc. that ...
Kitchen Island Design Ideas - The Look, Size, And Features
Kitchen island design ideas should include the size of the kitchen island, its style and design, and the included features.
Choosing the Right Wallpaper
There is literally thousands of different colors, different patterns even different types of wallpaper. How do you know which color, or which pattern will suit ...
Herbal and Home Remedies that Prevent Memory Loss
Can herbs help alleviate memory loss? Susun Weed discusses in this short article.
Linking to the Best
The saying goes that spray and pray does not yield great results. If you take aim at the right audience then you will have a better chance at winning business. ...
Misplaced Allegiance
Direct Answers - Column for the week of June 23, 2003 I am male, 30, married for seven years. I have two small children. The past several years of married lif...
Treatments That Offer Hope To Hair Loss Sufferers
This article examines the products that have been approved for the treatment of hair loss and goes on to assess whether any of the alternatives can deliver real...
Anamchara - Living The Real Life
"May you recognise your being as the diamond at the centre of your life."
Living with Lunatics: They’re Crazy and They’re in Charge!
They're out there… they look like people you know, but they're different. Someone has sucked out their brains and turned them into mindless oafs. They are dange...
Burn Fat Not Sugar!
Most people think that in order to lose weight you have to do strenuous exercise, continuously, and lots of it! Well, Guess what? NOT TRUE!
How To Find Relevant Web Sites For Link Exchanges
If you've been on the internet very long at all, you know that one of the very best and certainly cheapest ways of making your web site known is by exchanging l...
|
Print this page