FMOOD 0092: Why You Should Keep Good Records - a podcast by Tom Merlino | Tom is inviting you to follow him on his journey to get out of debt and get into prosperity.

It is critical to keep good records, especially if you are transitioning from relying on credit to paying cash or using your debit card for purchases. This is especially important if you are new to budgeting and need to stay on track for the month so that you aren't tempted to go back to using credit cards due to a lack of resources stemming from poor record keeping.

 

Keeping good records isn't difficult. First, you'll initially want to know your balances for any checking or savings accounts that you will need to manage. You'll want to use either software or the tried and true pencil-and-paper method to match your records with what your bank statement is showing. Now, you rarely need to wait for your bank statement to be mailed to you these days to get started. Most banks will provide an online method to check your balance at any time. Once you've done this initial work, you will simply record any receipts to ensure that your records match up to the bank's records on at least a weekly basis. This is more important for your checking account since most folks utilize a savings account only for emergency funds or sinking funds. The checking account balances will change frequently whereas the savings account balances shouldn't change all that often.

 

I know that this is Personal Finance 101 stuff, but that doesn't mean that everyone is doing it (or doing it correctly). I'll be happy to help you with any questions that you may have. Simply go to http://followmeoutofdebt.com and click on the Contact button to send me an e-mail.

 

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