Keeping track of your money is crucial Here’s why and an easy way to do it

Alex Thomas Sadler
Keeping track of your money is crucial | Here’s why and an easy way to do it

Keeping tabs on, and protecting, your money

Regardless of how much you have or how much you make, keeping tabs on your money is the best way to stretch your paycheck as far as possible. By knowing exactly what is coming in and what is going out, you can make smarter decisions with your money — which includes reducing wasteful spending.

The easiest way to keep track is to frequently check your accounts — checking, savings, credit cards etc. I do it every single day, but if that’s a little too much for you, consider every few days or at least once a week. Just set a reminder for a specific time each week when you can sit down for a few minutes and go through each of your accounts. That will help you start to notice any spending trends you might need to change, expenses you can cut out and just get an overall better sense of where your money is going.

RELATED: How to create a budget and keep track of your spending & saving

Why you need to frequently check for fraudulent charges

Frequently checking your accounts also allows you to spot potential fraud or suspicious activity immediately — so you can report it to the bank or credit card company and get it straightened out as soon as possible. The longer you wait to report fraud, the harder it can be to get your money back. So spotting it quickly is crucial in order to protect your hard-earned cash

Bottom line: If you don’t check your statements on a consistent basis, there could be fraudulent charges on your account without you even realizing it. Plus, it’s a good way to keep an eye on your money habits — allowing you to recognize any wasteful spending, as well as any non-essential expenses you can cut (cash that can go into savings!).

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