How checking your bank statement can save you heaps of cash!
It can be hard to keep tabs on all of the money coming and going from your bank account. Wages, Centrelink benefits and other payments coming in, and rent, bills, direct debits, EFTPOS and shopping transactions and bank fees going out….it’s a never ending cycle. But don’t assume everything is happening with your money as it should – it’s important to keep a close eye on your bank account.
Keeping things in check
Check out this quick video which shows you how to check your bank statement so you can stay in control of your spending.
- You might be amazed to discover how much money you might find and save by thoroughly checking your bank statements.
- Either take the time to log into internet banking regularly, or check your mailed statement each time one arrives.
- If you spot a mistake or have a question about an amount, query it with your bank or challenge the company who have charged your account, to ensure you’re only paying for the things you need to.
Where is your money going?
Monitor your spending by going over the ‘debits’ column of your bank statement.
- As an extra check measure, keep your receipts so you can check these debits against them to make sure they’re right.
- Be sure to check any regular payments or direct debits, in case you’ve been charged for a loan you’ve already paid off or for services you’ve cancelled.
- If you spot any payments that don’t look right, contact your bank straight away. Check out this handy article on mistaken transactions to find out what to do.
What money do you have coming in?
Review how much money has come into your account, and make sure all of the income you’re entitled to is there. This might include:
- Salary from work
- Centrelink payments
- Child support payments
- Pension or other income payments
If any income is missing ask your boss about it or contact Centrelink.
What fees are you paying – and how many can you avoid?
Look at the fees you have been charged – it’s amazing how quickly these can add up! Your bank fees and charges could include:
- Account keeping fees
- ATM fees
- Cash advance fees
- Phone banking fees
- Internet banking fees
- EFTPOS fees
- Branch fees
- Overdrawn account fees
As you can see, the list is somewhat endless!
- Why not talk to your bank about their fee-free or low-fee account options?
- You can find which financial institutions offer these basic bank accounts on the Australian Bankers’ Association’s Affordable Banking website.
In the meantime – one easy way to minimise the amount you pay in bank fees is to avoid paying ATM fees. Check out our simple guide in, 5 things to stop paying for, right now!
Monitor your balance
It’s a good idea to check your account balance – how much money is left in your account after your bills and other expenses have been paid.
- If your balance is going up, then lucky you – you can relax!
- If your balance is going down, then you’re spending more than your earn. It might help to set yourself a budget and make some savings and watch your bank balance grow.
- See your handy guide in 3 Quick Steps To Set A Budget.
- And check out these simple ways to save money for ideas on how to spend less.
By keeping a close eye on your bank statements, you can be assured that you know where your money is going, and take control of your finances.