Financial Workshop: Know what you got....

Step one in managing your accounts is simply knowing what you got.  Take an inventory.  Do this so that you can get your financial bearing.  Unfortunately people fail to start with the very basics.  Too many people have money come in and go right back out.  Make it work for you, for the little time that it visits.  First, monitor your checking account.  If you don't have an account, get one.  Yes, I know banks charge fees, but that is because they provide a service, like a barber or a gas station.  Chose wisely, not everyone needs a bank that has a branch in Turkey.   Once the account is established, balance it.   Balancing an account does three things: it helps you to know exactly  what is in your account, it verifies transactions to minimize fraud, and helps you to monitor your spending patterns.  Balancing you account is simply comparing your records with the statement received from your financial institution.  (If you need hep in this area contact someone you trust or you may contact me directly for simple steps to get it done.)  You should be getting and keeping your monthly statements.  Take some time this week to review your records and make sure your tool is working for you.