Monday, August 17, 2009

How to Keep Track of Your Money

It's easy to go on the occasional spending spree and then cringe when you check the balance. I can show you a few tips that will help you avoid that situation and keep track of where your money goes.
Instructions
Step 1
Do online banking with your checking/savings accounts. Transactions used with your card usually go through instantly and you can see a list of all transactions on the bank website once you have signed up for online banking.
Step 2
Keep a mental note of the cash in your wallet/purse. Each time you buy something in cash, mentally subtract the amount from what you have. This will keep your mental math sharp and let you know how much you have left. Also, always try and add up the change mentally that you should get back before the cashier hands it to you. This will help prevent you from being short-changed.
Step 3
If you use checks, always balance your deposits/withdrawals/spending immediately after one has taken place. This will help ensure that you don't forget to note a transaction. It's easier to not spend as much when you have a hard copy of transactions staring you in the face.
Step 4
Be conscious of your credit balance/debt. Remember the limit that you have on the card and don't EVER go over it. This will hurt your credit rating and drag you down into a sea of debt if you let it.


Let me add this. All your money should have a specific purchase or savings goal! Make sure you know what it is so you can spend as wisely as possible. Good.

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