Balancing your checking account each month will allow you to keep track of how much money you have, which will help you avoid overdrawing your account, catch any mistakes made by the bank and identify unauthorized activity.

There are several ways you could balance your account. You could:

• Use your checkbook register
• Maintain your account online
• Set up a spreadsheet in Excel
• Use one of the many different types of financial software available

However you decide to manage your account, just make sure you’re doing it regularly.

For many people, using a combination of online and offline account balancing works best. Remember to keep as many receipts as you can for purchases or withdrawals from your account. If you find a discrepancy as you’re balancing your account, you’ll have those documents to refer to.

See an example of how to use your checkbook register to maintain your account.