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When it comes to keeping tabs on your checking account, the days of Mom’s checkbook ledger are long gone. However, with a few simple banking habits, you can keep track of where your money is going, and even set goals for savings. Magnolia Bank has been providing such advice to residents of Hodgenville, Kentucky, and the surrounding areas for years. Below, they outline their top five tips for managing checking accounts. 

How to Manage a Checking Account With Ease

Regularly Balance Your Account

checking accountBy regularly balancing their checkbooks, Mom and Dad could determine exactly what was in their accounts at all times. While most of us don’t use checkbook ledgers these days, there are numerous apps that populate financial transactions to keep you in charge of your money. Whether you use a ledger or an application, make a regular habit of checking your account to see which transactions are affecting your accounts.  

Keep Track of Auto-Debit Transactions

While auto-debit is a handy way to set up payments for regular bills, it can be easily overlooked in a monthly budget, leading to low balances or overdrafts. To avoid this, incorporate all bill pay or auto-debit transactions in your account activity records.

Establish Account Alerts

Many of today’s bank systems use account alerts to notify customers of everything from abnormally large transactions to low balances. Take advantage of these automatic reminders by setting personalized account alerts today. 

Review Monthly Statements

While reviewing your monthly statements seems tedious, it’s crucial to make a habit of it when going over your monthly budget. You might be surprised at just how much you’re spending on takeout, or where you can save $50 by not going stopping into a certain store. Assessing past statements will shed light on where your money is going each month. 

Report Suspicious Transactions Immediately

It also pays to check your account regularly should a suspicious or fraudulent transaction hit. Banks have systems set up to alert their customers if they see fraudulent action, but it’s best for you to take charge and monitor the accounts yourself. Call them immediately if you suspect any foul play.

Do you have other questions about best practices when managing your checking account? The professional staff at Magnolia Bank specializes in helping customers stick to positive personal finance habits. Call them today at (270) 358-3183 or visit their website for more information. 

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