If you are trying to change your financial picture, you need to track your expenses each month. This allows you to know what you have spent and where. It is important to balance your cheque account and credit cards to the bank statement each month. It is a bit of an extra step, but it allows you to spot problems with your account and it can prevent you from overdrawing.. Learn why you need to take the time to balance your cheque account to your statement each month. 


When you balance your cheque account, you can also track your expenses. It is very easy to do this with personal finance app which provides a running total. When you enter the transaction into your app, it will track your spending so that you know when to stop spending. It also helps you plan for the annual expenses. You can look back over your spending for the year and see things you may have forgotten to budget. 


Identify theft is becoming more and more common. Your debit card information may have been stolen. The thieves then use the card information to make purchases. Look for unfamiliar transactions, forgotten expenditures, recurring deductions for unwanted products or services, and bank fees. 


If money is tight and you are living from paycheck to paycheck, then you need to track your spending.  This is to make sure you do not overdraw on your account. This may happen if you are married and you are both accessing the same account.

It is important to balance your account so that you know how much money you have left to spend.. 


Don’t use ATM receipts as a method of checking your balance. The balance printed on your receipt is a snapshot of how much is in your account at that moment. It will not reflect any cheques (if you still use these), debits, fees or deposits that haven’t posted to your account. 

You may find it easier to balance your account a couple of times a month if you have online access to your account. The important thing is that you actually do it.

Balancing your cheque book is a lot like working on your budget. It can be difficult to get all the numbers to work right when you first star. But the process gets easier the more you do it. Once it’s done, you’ll feel much more confident.

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