Saturday, June 23, 2012

Areas of My Finances I Need To Review

I was hit with two, yes two costly bank charges because of insufficient fund. I felt bad, really bad, because it's really a simple matter but I missed it. The charges cost me a lot. The money could have been used to put petrol on my car for 2 weeks. Whoaaaa!
How did I addressed of this problem? First, I immediately went to my bank and enrolled my checking account to their "back up plan" where they will take money on my savings account to fund my checking account if their is insufficiency. I should have done this a long time ago!

Second, I need to review important areas of my finances. When do I do this? The article in Christian PF entitled: "How often should you review important areas of your finances?" gave me the answer.

His number 1 recommendation is to review AT LEAST ONCE A WEEK my checking/savings accounts. At the very least, take a look at my checking/savings account to have a feel of where I am. I have a problem remembering checks I issued, specially if they were issued in series like the payment I made for my insurance. I issued 4 checks on a quarterly basis. It was the last one I missed.

Also, he suggest that we check our other common accounts on a weekly basis. I made a resolution to always check my bank accounts and come up with a monthly checks to honor so that this won't happen again. Such a simple but important step I need to take.

I know I can do it.


P.S. Can you give me your ideas on how to control my finances?

photo credit

1 comment:

  1. Hello,

    I am Myrina Stein and I am a member of some financial communities. I just visited your site and I am a frequent reader of your blog.The articles of your blog is really worth reading. The quality of your content is excellent.
    After seeing this, I would like to request you something. I love to write financial articles and I would like to contribute article for your site if you’ll give me the permission. I can give you an original guest post and I assure you that it will be published only in your site. If you want, you can suggest me the topic also and I will write accordingly.

    Please let me know your thoughts. Waiting for your positive reply. Reach me at: myrina (dot) stein (dot) 888 [at] gmail (dot) com