How often should you check your bank balance?

Checking your bank balance daily is the best way to budget.

 

It's time to face up to how much you're spending.

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It’s the Monday after a big weekend of spending. The doorbell rings as a parcel is delivered, and you can’t think what you ordered. You also can’t remember much you spent on the Sunday food shop, and the trip to the pub ended up being longer than you expected. Maybe you should check your banking apps on your phone… 

We’ve all been there, experiencing a feeling of dread as you tap on your phone, almost holding your breath waiting for your bank balance to appear on screen. 

There is a better way. At sync., we encourage everyone to get a better understanding of their personal finances. That means owning up to your spending and checking your bank balance every day. Yes – every single day! 

For some, that might mean time-consumingly opening several apps to get all your figures. That’s where sync. can help. We utilise open banking to let you bring all your accounts together in the sync. app. That means you can check your debit card alongside your credit cards and more. 

budgeting

Seeing your total balance with one tap helps with budgeting. If you’re spending a bit more than your income one week, make sure you reduce your outgoings the following week so you break even over the full month.

fraud check

Plus, there are other benefits of checking your outgoings each day. Online fraud has been on the rise in 2020. Checking your account for unusual transactions that you don’t recognise is incredibly important to protect your cash. 

If you spot something suspicious, contact your bank immediately. They will help you get the money back.

unwanted subscriptions

Checking your bank account everyday will alert you to any subscriptions that you no longer need. Maybe you thought you had cancelled your gym membership months ago, but the money is still leaving your account. A quick check of your balance could save you a lot of money in repeat monthly payments.

"Building good money habits, like checking your bank balance everyday, can help you reach your financial goals."
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