Why you should revise your bank account statement more often
Checking frequently the status of bank accounts is a financial habit that, at least weekly, should be included in anybody's routine. To have better personal finance management, you should pay attention to money’s flow and not leave it to the moment when the monthly budget is set or whenever money is received.
Usually, people focus on checking how money moves whenever there is a particular situation, such as knowing how much money is left to acquired something. Sometimes, the fear of facing the numbers makes people only log into their bank account information when they get paid, mainly to avoid feeling in despair or upset. But that is a mistake!
In the beginning, it is more likely that you feel a sort of discomfort but once you start doing it often, at least once a week, you will experience a bigger comfort when analyzing your finances.
These are some of the benefits that you will perceive once you check your bank statement constantly:
Likely you have heard stories about card cloning or people who suddenly realized that they have some spendings that they never did in the first place or even duplicated charges. You might think that this won’t happen to you the truth is that you never know. The sooner you realize that there is a strange movement on your bank account or credit card, it is easier for the bank to solve the problem. Imagine that someone is using your credit card information to buy things online and you don’t realize after a month! The number could be high and you will experience a lot of stress while the situation is fixed.
A better understanding of your consumer behavior
If you already prepare your monthly budget, probably you are aware of where your money goes but it becomes even clearer when you often see your spending. This way, you will understand your consumer behavior adjust according to your possibilities, your lifestyle, and your financial goals.
It is logical to experience negative feelings if we see how the account's balance lowers. However, little by little you will notice less stress because you won’t see the information at once and you will understand that you still have time to adjust (if you can) before the next income. This monthly revision might become an opportunity to have money if, for example, you realize that you have bought too much coffee in a week.
Take this opportunity to hold yourself accountable on your monthly budget. Maybe you see that you went to the supermarket more times than you have established or you and your family passed the limit on food delivery that was previously budget for a week.
Besides, if the bank account is extended to other members of the family, you can learn how the money is spent and make sure that everybody is on the same page regarding the family’s economy. That’s why is important to talk regularly about finance and make sure that you encourage financial education for children and teens in the household.
Get rid of the fear and start checking your account balance more often!