It’s not just our house that requires regular maintenance, our bank accounts also need regular maintenance, preferably once a month.
What do we need to do each month?
1. Print your bank books or file your bank statements
Ideally, we should get our book printed at least once a month, so that we can have all the details of every transactions printed. Otherwise, some banks have a policy of printing a lump sum amount over the missing period although you can still get each individual transaction printed if you are willing to pay additional fee.
If the bank sends the bank statement to you, then you need to prepare a folder to keep these statements. If you have several bank accounts, please have separate folders so that you can easily find what you need in the future.
If you have a dormant account, you still have to keep the record up to date. If it’s too troublesome, then perhaps closing the account is an option.
2. Credit card statement
If you have credit cards, then when you receive your credit card statements, please check all the transactions and make sure that they are accurate. If you keep records of all your credit card purchases, then you can compare them to check. Remember that they bank is not always right, sometimes they do make mistakes.
Some banks send credit card statements over email. You can either flag, file or print them. Make sure that you set a reminder to pay before the due date. I usually print the statement and keep the proof of payment together with each month’s statement.
3. Mutual fund and investment records
Please keep your mutual fund or investment records organized in folders. If you have a purchase during the month, please check whether the statement accurately records your purchase.
4. ATM cards, bank books
Some people have many bank accounts and not necessarily use all of them for everyday transactions. Make sure that you keep the ATM cards and bank books in a safe place and remember where you put it. Some people keep them so safe until it is also safe from them because they can’t remember where they keep them.
What other things that you do to maintain your account?
Please share in the comments.
Learn and Grow!
Inge Santoso, B. Com, CFP®