Sometimes it’s way too easy to go days or a week without checking your banking app. Keeping an eye on all of your purchases and income is essential, especially in this time of subscriptions and direct deposits. Being aware of your balance is important to stay on top of your money and sticking with your budget. Here’s some reasons why checking daily will keep you updated and responsible.
Sometimes there’s less money in your account than you realize, especially if you haven’t checked your balance in a few days or had an unexpected charge withdrawn from your account without your knowledge. This can lead you to having your card declined when making a purchase or an overdraft on your account. Most banks charge an overdraft fee, and that can make it even harder to get back ahead in your banking. Avoid all of this by pulling up your app daily and seeing just how much you have in the bank.
Canceling unwanted subscriptions
It happens to us all. We sign up for a free month of a subscription, never use it again, and then find a charge for the subscription the next month. These can easily go unnoticed unless you’re going through your withdrawals daily. Most of the time, you can contact the company and ask for a cancellation and refund, but only if you catch it before you’re too far in. If you notice it the same day it’s charged, it’s likely they will be forgiving, and you won’t be charged for something you have no use for.
Making sure you receive all expected income
Hopefully it doesn’t happen often, but sometimes your employer may make a mistake on a paycheck. Additionally, you may be expecting a refund to come through, a direct transfer from someone, or any number of other income you’re looking for. By checking your account daily, you’ll be able to notice quickly if there’s a mistake in the amount or if you just haven’t received it at all.
Being aware of your spending habits
It can be easy to do some radical spending without even noticing it, especially if you have other withdrawals happening in your account that you weren’t necessarily prepared for. If you see your bank account jump from a high number to a low number in one day, you can do some recourse or just be more careful in the future.
Ensuring you have enough for bills
If you’re the type of person that doesn’t pay bills before beginning to spend your money, you may find yourself with a balance lower than your bills when that time of the month comes. Maintaining control over your bank account will make sure that you aren’t spending more than you technically have available after paying priorities.
Knowing if you need to make some extra cash
If you notice that your bills aren’t going to be met or if you’re wanting some extra money to make a special purchase, catching it early can help you make some cash in enough time. It may also help you decide that you can’t afford that special purchase this month if you’re being honest with yourself, and you need to try again next month.
Spotting unauthorized payments early on is very important when catching fraud. The longer you go without noticing, the longer you may be charged or have your identity stolen. Getting it taken care of as soon as possible is essential, and if you are active in your bank statement, you can notice it as soon as it happens.
Monitoring bank fees
It could be possible that your bank is charging you annual, low balance, ATM, overdraft, currency conversion, or any other number of fees without your knowledge. Especially when opening a new account, it’s beneficial to you to know all that your bank may be charging you that you may not have necessarily signed up for.
Checking that all intended automatic withdrawals are paid
You may have your bank account set up to automatically pay some of your bills every month, and you definitely want to check and be sure that it actually went through. You don’t want to end up with a late fee or lapse in your subscription/coverage because there was a mistake in the bank. There’s also the chance that you may have thought it has already been withdrawn, leading you to believe you have more money in your account than you actually do.
Monitoring your bank account often is the easiest way to avoid all of these problems. There’s no way you can check your bank account too often, but you can definitely run into problems for not checking enough. Just save yourself the hassle and catch problems quickly by opening up your app daily and doing a quick review of charges and your balance.