Good Money Management 


Money has a huge part of in our lives. Therefore, we must be very cautious on every action and transactions that we will make. Let us be responsible enough and observe discipline. Don't fall for the common mistakes like putting wrong information on the checks we write. 

Personally, I had simple yet similar experience regarding on this manner. I usually had a task of depositing checks before. Transactions and idea like this makes me feel old...:) 

My mother thought that I should be knowledgeable about the things around me because that will be very useful for me in the near future. Every time we go somewhere, to the bank for example, she will definitely explain the details of the transaction she made, familiarizing the transaction slip so that next time, I will be the one to do it alone. Then, I've already had to do this thing to help my parents save time especially if they’re too busy working and unable to go somewhere else. Another thing I remember is my mother's habit of organizing her files and updating her account to prevent errors and problems as soon possible.

Get in the habit of preparing a bank reconciliation statement for your checking account as soon as your statement arrives, whether by snail mail or email. The longer you put it off, the harder it is to ensure your checking account is balanced and you know where your money is going.

>>>BALANCE YOUR CHECKBOOK

Below are some of the benefits of keeping your checkbook balanced:

• · Helps you keep track of your money. 
• · Verifies the information you have tracked is accurate. 
• · Catches any mistakes your bank might make. 

To balance your checkbook, follow the simple steps listed below:

• · Ensure you've entered all automatic transactions (e.g., ATM withdrawals, electronic transfer of funds, online bill payments, debit card transactions) into your check register. 
• · Review your statement. 
• · Compare your statement with your check register and mark off all items that match. 
• · Add to your register any deposits or additions from your statements, including interest payments and ATM or electronic deposits. 
• · Subtract from your register any account deductions, including fees and ATM or electronic deductions, that are not already entered. 
• · Update your statement information. 
• · Enter the ending balance recorded on your statement. 
• · Add deposits and other additions not recorded. 
• · Subtotal 
• · Subtract checks and other deductions not recorded. 
• · The result should equal your register balance. 

Balances don't match? Try these tricks: 

• · Check to ensure you didn't transpose any numbers. 
• · Make sure you didn't enter an amount more than once. 
• · Take a break. When you come back, you'll be refreshed and might see your error more quickly. 

Although your bank processes thousands of transactions accurately, it could probably make mistakes so its better learning how to balance, or reconcile, your checkbook - and balancing it every month when your bank statement arrives - is among the best money management habits you can keep!

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checked by: Professor Crisencio M. Paner