Did you know that the number of homes unbanked reached 7.1 million? This is because they don’t have enough money to meet the least bank account balance required.
To ensure that you don’t get unbanked, it’s important that you up healthy money-saving habits. Knowing how to read a savings report helps.
Here are three tips to consider when reading a savings report.
1. Check for Fee Transactions
When reading a savings report, browse through your recent transaction to check if there’s missing information. Then, check for any fee transactions, such as overdue fees or monthly fees.
Take note of the information on the saving report about the fee transaction. This includes the date and the company paid to especially if you have a credit card.
This will help you know which transaction to cut down. For instance, you find that there’s a charge for withdrawal transactions done on another bank. Now you’ll know to limit your financial transactions on your bank’s branches.
It’s also important that as you read the fees, determine which fee adds up to a large sum when computed. This will help you decide which to cut off to save money from unnecessary charges.
Banks have a limited transaction allowed per day, which is usually five or six. If you go overboard, there’ll be an extra charge of $5 to $15 per withdrawal to your account.
Information like this will help you get a better understanding of your daily spending. This in turn will help you come up with a better saving strategy.
Some banks also charge fees for savings reports. You can remedy this by opening with a bank that offers a zero commitment savings report. You can also opt to get an electronic savings report as they’re given free of charge.
2. Cross-Reference Savings Report With Your Record
It’s wise to create your own savings report that lists your financial transactions. This will help ensure that your savings report is well-documented. Review the transaction on your bank statement and cross-reference it to your record.
At times you’ll find minor differences caused by timing and will soon clear themselves up. Other times you’ll find serious issues, in which case you need to research the transaction and ensure that it’s not a mistake from your side. There is a chance that you’ve forgotten a transaction and may mistake it as theft.
If that’s not the case, check to see if it’s a bank error. In these cases, report it to your bank and they’ll immediately resolve the issue.
3. Check if Information Is Accurate and Updated
Your saving report will include details on important events you might forget. For example, you might see outstanding checks and returned deposits.
You must ensure that the details presented are up-to-date. Check if the account name provided is accurate, along with the dates written.
Understanding Your Savings Report
Reviewing your saving report monthly helps you keep track of your financial behavior, such as spending. A savings report will also help you determine unnecessary charges or spending to which you can remedy.
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