The most important thing you can do to manage your bank account is to balance your account regularly. Balancing your account means tracking every time you put money in or took money out of your bank account. You can balance your account using your checkbook, a piece of paper, or a computer program. Balancing your account is especially important if you write checks or if you use debit cards. Since checks (and some debit card payments) don't hit your bank account for a few days, you can think you have more money in your account than you really have. Then when your check gets cashed you could overdraw your account, which would mean fees of $30 or more.

Try to balance your account every time you get paid or every time you sit down to pay bills. If you get paid every two weeks, you can balance your account twice a month. Looking at your balance and your account activity regularly gives you more control over your spending and budgeting.

Balancing Tip

Your bank or credit union will send you monthly statements of your account activity by mail or E­mail. Look at these statements carefully and check for mistakes! If you keep track of your deposits and withdrawals, you can go back and make sure all the numbers add up. If your bank or credit union offers free phone and online services, you can use them to keep track of your accounts too.