One the simplest things you can do to balance your budget, is often one of the most overlooked. Take a second to ask yourself, when was the last time I balanced my checkbook. Although online banking has made this an easier task many people are still finding they are overspending.
Some people use debit cards for most of their transactions, others might use the cash only method, and some might combine the two. When you’re using various methods to pay for your expenses it can become difficult to keep track of what you have spent hence why you might tend to go over your budget. If you’re new to balancing your money, here are some ways to get started.
- Time to dust off that checkbook and start using it. Start by checking your balance and make sure it is up to date. Once that is complete write it into your checkbook and start recording your daily transactions. It may seem tedious at first, but think about all the time you waste checking your < ahref="https://www.facebook.com/AmOneMoney">Facebook page and you’ll realize writing down your transactions isn’t so mundane.
- Keep your receipts, as we have advised before. If you’re too busy to write every transaction down you can keep your receipts and balance your checkbook later in the day, or whenever it fits into your schedule. Just be sure to keep them as organized as possible.
- Check your bank statements. If you have followed our advice then you can check your bank statement online every month. If you’re still using paper statements. open them up when they come in from the bank instead of stashing them away. Look over your statements and see how it lines up with your checkbook, this can come in handy if you’re still growing accustom to recording your transactions. Checking your bank statements will also help you uncover any possible fees you might have missed or if any creditors or your bank is charging you fees you were not aware of.
- Be sure to keep track of your cash transactions as well including tips, public transportation fare, and that $3 morning latte.
In this fast-paced world it is easy to overspend, in order stay within your budget you should be keeping track of your transactions and balancing your checkbook. Start by knowing your spending balance, writing down whenever you spend money, and doing on overview at the end of the month using your banking statements. AmOne can help you get your finances back in order and assist you in getting your credit repaired. Contact us today to see how we can help you.