The importance of checking your bank statements

 

This Finance Thursday is about the importance of checking your bank account and credit card statements.

All it takes is about 10 minutes a month and it might save you lots of money.

I’ve taken a picture of  a credit card statement that I received at some point last year: I know the amount of colour coding is offputting. I’m Type A.

Finance Thursday: Check your bank statements

For most people, this can be as simple as just confirming that the purchases on the statement are purchases that you can account for.

There are five separate transactions of between £1 and £23 at the Fleet pub on April 2nd, did someone steal my card or did I buy a round for my friends, a couple of pitchers and one shot? Does that sound legit?

For others, you can keep track of refunds that you should receive (Diamond).

I go a little beyond that but no one else needs to.

Colour Key

Blue: These are postage charges for my business. I like to highlight it so that I can keep business expenses separate. These charges are ultimately paid by my customers rather than myself.

Red: This was a vet bill, that I had to claim back on my pet insurance.

Yellow: So at this time, I owed money to my parents. I paid for some of their purchases on my credit card and at the end of the month, I totalled it up and  took it off the amount that I owed them.

Green: This related to business expenses to put on my tax return for next year. That way, even if my receipts went missing, I would still be able to access the charges and claim for them.

Red and Purple Diamond: I do not have enough highlighters. This was items that I was waiting for a refund on. H+M- the clothes didn’t fit and The Works- they charged me  but something went wrong with the payment system and I never got any order confirmation. This was to remind me to check that I had received the refund by my next statement.

Green and Red Star: My dad hates the internet and asked me to order a present for my mum… actually, did he pay me back for that??

Gotta go.

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