How often do you check your bank account? Is it whenever you remember to? Or maybe at the beginning and end of every month? Well, we’re here to tell you that that is definitely not often enough.
Ideally, you should check your bank account at least once a week. Anyway, now that we have online banking available, logging in to your online account and checking that everything is in order just takes a few minutes. If you’re still not convinced, here are 5 reasons why you should be checking your bank account at least once a week:
To Avoid Overdrafting Your Account
You might make a few transactions that slip your mind, meaning you could end up with less money in your account than you thought you had. This can lead to overdrafting – taking out more money from the account than you actually have.
If you do end up overdrafting your account, you might have to pay some heavy fees. By checking your bank account once a week, you can check your outstanding balance and avoid overdrafting your account.
To Confirm All Expected Deposits Have Been Received
If you’re expecting a paycheck to be deposited into your account soon or have manually deposited some money, it would be a good idea to check your bank account to confirm that you’ve received those deposits. Sometimes, there can be banking errors or a glitch in payroll systems that mean delayed deposits. By checking your bank account weekly, you can ensure that you get all the money you expect.
To Keep An Eye Out for Unexpected Charges
Checking your bank account once a week also allows you to keep an eye out for unexpected charges. It could be possible that someone else has gotten your bank details and is accessing your money. You might have lost your card and not realized it.
Or maybe you have some automatic monthly charges that you meant to cancel but forgot about. If you catch these unexpected charges early, you can get in touch with your bank and sort them out quickly.
To Keep A Check On Your Spending
If you’re someone that uses a credit card, it can be quite easy to spend more than you actually have. While this might not be a big problem in the short run, it can lead to huge credit card debts and a bad credit score in the future. So, checking your account once a week can help you check on your spending and ensure that you don’t spend more than you have.
To Have a Good Idea of Your Budget
Finally, checking your bank account once a week can give you a good idea of your budget. As the month goes on, your budget can change. You might need to cut back on spending, or maybe you have some extra money you can put into your savings.
By checking your bank account once a week, you can have a good idea of your finances and make sure that everything is on track.