It is far too easy to take a careless attitude towards your money. I’m not talking about reckless spending, though obviously this can be a problem, but rather not keeping on top of what’s where, what’s coming and what is going out.

Theft and Fraud


Money (Photo credit: 401K)

The biggest problem with not keeping a close eye on your money is that something could happen to it and the first you would know would be when you went to the ATM and it was refusing to cash you out.

That is something of an extreme example, but if you are not keeping tabs on your money then you are much more vulnerable to fraud. Imagine if somebody was taking just a small amount of money from your account each month – would you know?

Unnecessary Expense

Money that you spend on most things is not really money wasted – as long as you are getting something for it. When you get hit by unauthorised overdraft charges because you were not aware that a bill was going to be going out is a total waste.

Another area where taking your eye off the ball can cost you is that of loans and credit cards. One particular error that is possible to make is forgetting to pay the full balance on a credit card each month. Managing credit well also can require a certain amount of effort, finding the most favorable interest rates and so on.

What To Do

The key to being in control of your money is to be organised. One of the best ways to get organised with your finances is to take lesson from the world of business and use the technology at your disposal.

If you are reading this then the odds are that you are reading it on a computer that is able to run spreadsheet software. Spreadsheets really are so phenomenally useful for keeping track of money that when they were introduced to the world in the ‘80s it was the ‘killer app’ that drove the adoption of information technology by businesses.

Learning how to use the basic functions on a spreadsheet really isn’t hard. Once you are tracking your incomings and outgoings then you can know exactly what should be in all of your accounts at any given time – as well as easily see how it could be beneficial to move money around from one account to another.

Another way that modern technology is exceptionally helpful in keeping track of your money is that it is now possible to check on balances at any time day or night. Online and phone banking means that it is possible to deal with things when you think of them, rather than having to wait for a day  you can take time to get into a branch – so it is something that is well worth signing up for if you have not already.

Pamela Chimbonda of Fiscal Muses produced this content on behalf of Adam & Co. who are proud to offer online banking to help their customers keep track of their money.


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