Keep track of your Chequing Account
Most banks offer the ability to examine your chequing account via a bank statement. Typically, the bank statement will provide you with a few key bits of information. Namely:
- Location Spent – This is the location at which you spent the money in question.
- Amount Spent – This is the amount of money that you spent at the said location.
- Date Spent – This is the date that the purchase was made and/or accounted for.
When you make purchases, it is a good idea to make a note of how much you spent. But why is it so important to keep notes and compare them to your chequing account’s bank statement, and how can you maintain those records?
Why is it Important to keep track of your Chequing Account?
Keeping records seems like a daunting task because at first, it sounds like you’ll be writing down the total of each purchase in a notebook. In reality, though, there is a much easier way to keep a record of the purchases you make with your chequing account. When you’re asked if you would like a receipt, always say yes. Then, simply keep that receipt. It will have all of the information you need on it (the location, the amount, and the date). As soon as the receipt is handed to you, verify that the information is correct and then store it for later. Online purchases should always send you a copy of your receipt either via email or via a post-purchase web page.
You can either sort this into a folder or print out the page and store it with your other receipts. Again, the online receipt should contain all of the necessary information you’ll need for comparison to your chequing account’s bank statement.
Record keeping may still seem like a daunting task, but it’s highly recommended for a simple reason: it can save a lot of money. Sometimes – whether it is through negligence or deliberate fraud – a company may increase the amount that you paid.
Occasionally, the increase may even be significant. At the end of the month, when you are able to view your chequing account’s bank statement, scroll through the purchases listed and make sure that they match up with your records.
If something seems out of place, take a moment to examine the purchase further. If you find that a twenty-dollar purchase was recorded as costing two hundred dollars, you’ll be extremely grateful for the fact that you maintained records of your purchases.
Keeping a record of your purchases may seem like a daunting task, but it’s worth it in the long run. Comparing your chequing account with your personal records can aid in preventing fraud and saving money.
In 2017, a new Canadian mortgage law specified that every Canadian who was applying for an unsecured mortgage at a federally regulated financial institution had to pass a mortgage stress test. Even a hefty down payment was not a sufficient reason for waiving the test....