Banking and the Monthly Statements for Checking Accounts

The monthly checking account statement that many of receive can be a very handy tool to keep track of our finances and maximize our money. A balancing of your checkbook helps to keep track of where money is going and what you have coming in as well. There are so many banking services out there, and the monthly statement have become more important than ever in regards to managing daily finances.

I like that I can see my deposits, withdrawals, ATM transactions and cash transactions, etc. It is all summed up in one helpful statement. Some people have CDs and different things that are in the process of maturing, and often things like this will be reflected in such a statement as well when things start to change. Things like current loan rates are sometimes included which can be very helpful as well.

Some banks offer "relationship statements", which are very helpful in regards to see activities on more than one of your accounts at the banks. It can show for multiple accounts like checking, CDs, and loans, etc. Its very convenient to have such a monthly "snapshot" of your accounts all in one place. As busy as we can get, any such time savers can be very helpful.

Personal Ledgers

All checks come with a personal ledger to record your checking transactions. They have places for dates, who the check was made out to, amount, etc and its good to make use of these. Some of us have learned the hard way like I did long ago. I never thought I would forget something I purchased or an amount I took out of an ATM in a hurry. If you learn this lesson, its much less painful to learn from other's mistakes rather than your own. Granted, I was very young, and a bit naive, and I didn't think that actually putting every little thing down really mattered, until it did!

Keeping track of your finances in your personal ledger is a fairly accurate way of knowing what exactly is going on in your checking account. Once in the habit, you don't miss or forget any financial transactions, so are definitely maximizing your money there. Having to pay for mistakes is never fun, and ledgers are a perfect way to avoid having to do that.

One of the greatest things is to compare your monthly statement against your own ledger. Mistakes on the banks end just might happen once in a while though we think sometimes that would be impossible. It is not unheard of, and if you have a running record of your transactions, you will be prepared to show your side of proof should it ever be necessary.

I love having the carbon copies they provide for checks, as they keep a running record for you! You can balance your check book literally on each little "receipt" in the checkbook, doing simple math along the sides to know exactly what is going on. Ever since I have gone to the duplicate checks, I have never wanted to go back, but they are not for everyone.