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If you are hoping to stick to a budget or get your spending under control then you should be doing regular check-ins. While some financial accounts can be checked weekly or monthly, others should probably be checked daily.
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Checking an account daily can help you prevent fraud, avoid fees and stay on track financially. Watching what money is coming in and going out can aid you in sticking to a budget, hitting savings goals and setting up a stable financial future. Here are the four financial accounts you should consider checking daily.
One of the most important accounts that you should view daily is your primary checking account. If you are like most people then your checking account likely sees daily transactions. Whether you are buying something with your debit card or receiving direct deposits, money is flowing in and out of your bank.
Checking your checking account daily can help ensure that you have a healthy balance so that you do not incur overdraft fees. It can also keep you accountable for your financial goals. You can track your income and expenses more closely and avoid paying for things that you don’t need like unused subscriptions.
Another key financial account to monitor each day is your primary credit card. Most credit card companies offer text or email alerts to let you know when your payment is due, but daily transactions may go unnoticed. If you are trying to get out of debt, daily check-ins can help you see whether you are sticking to your budget or continuing to overspend.
One of the biggest threats to credit cards is fraud. While credit card companies have improved fraud monitoring significantly over the past few years, bad actors always seem to be one step ahead. Daily reviews can help ensure that no unlawful charges are applied to your account.
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As with a checking account, your primary savings account should be checked more often than not. This is particularly important if you are looking to save more money. Keeping tabs on your savings account can help you make sure that you are putting away the right amount of money each paycheck and that you aren’t withdrawing too much when times get tough. Daily check-ins are all about accountability.
Finally, if you own a business then you need to be on top of all your accounts. Money management is key to success. You need to know what is going where every single day. This is never more true than when you have a small business.
Every dollar counts, so you need to ensure that your costs are not exceeding your revenue. Conducting a daily review can help make sure that you reconcile any outstanding invoices, get paid on time, and have the money you need to make business-related purchases any day of the week.
You may have more than one business account, so make sure you check in with each of them and never solely rely on someone else. You do not want to be blindsided by financial issues simply because you failed to complete your due diligence.
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