Keeping Track of Your Balances is a Must

Many people still struggle to keep track of their checking account balance. Thanks to online banking, mobile apps and text banking, we have even more ways to keep in touch with our money. Therefore, you may think, who needs to record every purchase when you can check your available funds using your phone, right? Wrong.

We still need to use the basics of the checks and balance system in order to stay away from costly (not to mention embarrassing) overdraft fees

1) Record your purchases & withdrawals (especially when using debit cards)

Keeping up on your checking account balance is recording how much you’ve spent, that is where your check register comes in handy. Glancing at your available balance on the Reliabank mobile app isn’t enough. Here’s one reason: checks don't come in in the order you write them. By looking at your balance and seeing that check number 2501 came in and your balance is $200 doesn't mean you still have $200 to spend, look to see if the other check numbers around it have come in also. Perhaps #2499 hasn't come in yet that your wrote for $75, therefore you really only have $125 left in your account. Also, many times people forget to write down their debit card purchases because oftentimes receipts get put in the wallet or purse never to be seen again. Make sure you record every debit card purchase.
2) Record deposits

Tracking your deposits is equally important because otherwise it’s impossible to keep an ongoing, accurate picture of your cash flow. It’s also important to know when deposits clear. Suppose you’re at the mall when you suddenly come across a shirt you've been wanting and it's on SALE! You deposited a check the day before, but you can’t remember when it will clear. Time to log into the Reliabank eMobile Banking app or contact Reliabank and make sure you can make the purchase. If the check hasn’t cleared, at least you’ve saved yourself some embarrassment at the checkout counter.

3) Calculate your balance

The final step is to calculate your balance by subtracting outstanding expenses – anything that hasn’t cleared yet – from your account balance. If the bank says you have $750 in checking but your rent check and credit card bill are still out there, your effective balance is actually lower. Consider using Online Bill Pay to schedule these types of payments so you know exactly when they’ll be taken out of your account.