Use the register! Keep track of your finances!

The best thing you can do for yourself is keep track of your finances. I am a teller for a bank and trust me when I say that the register is a lifeline. is the best way to keep track of your finances because it is all MANUAL, which means that YOU know what your putting in and taking out, not the bank.

If I asked you how much money you have in your account, your answer should be exact via a quick lookup of your account. You should generally know at all times how much is in your accounts. You NEED to deduct the checks from your account when you make them out, no if ands or buts. If you have a bad habit about writing checks or your friends have a bad habit about depositing them quickly then use your online bill pay to pay companies and businesses (deducted immediately), make out official checks, and use your debit card at places that accept it. Remember, keep your receipt and record it on same day!

Also, know your accounts! Know what the fine print says and what your account limitations are and how much things cost.

I guess your question is: how will this help me save money? Banks make money off your stupidity with money. That sounds bad but it is true. If you are financially smart, you'll avoid ever having to deal with an overdraft fee or a fee relating to overuse in your account.

There are constantly customers being bewildered by many fees by a bank, yet they are the easiest to avoid. A simple way to avoid this is to keep a buffer in your account. In my accounts I always have an extra 100 to 200 dollars when the paycheck comes, giving me enough money to take care of extras before a paycheck arrives.

Take advantage of Overdraft Protection or a product from your bank that links your saving and your checking account together. Is something happens and you have a few checks that you forgot to record come through and you use up your buffer cash and tap into a 0 balance, these cheeeeeeeaaap prodcuts will transfer money from a savings account. In essence, a savings account at a bank should be a "backup" fund that you can tap into to make large purchases less painful to your cashflow or to make sure that in the bad times you have some backup cash. Otherewise money YOU DON'T NEED to have liquid should be placed into an account with a high APY yield...commonly associated with savings accounts (somewhat liquid) that are with online institutions...ING, HSBC, etc. Otherwise place the extra funds in a CD or a money market at your local institution. If you don't need the funds put 'em away.

So to recap: Keep a register, keep track of your finances, and make sure to play your finances safe and have a lot of backup plans for in case the time does come.
Tags: fees finance money register
Inserito il 25-06-2008 22:32 | 2 Commenti | Preferito 1 volte | Segnato 0 volte come inappropriato


#1     Dear you are great & very true .
Inserito il 05-09-2008 17:09
#2     Great advice!
Shawn T Kelly
Inserito il 17-11-2008 17:46

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