The bank keeps a record of all your transactions throughout the month and provides it to you in your monthly bank statement. You can use it to keep track of your spending and as a tool for reaching your money goals. As part of doing your budget, make a habit of reviewing your bank statement regularly.
Verify the balance of your account at the beginning and the end of a month.
View all your bank transactions: what money came in and what money went out. This includes deposits, withdrawals, transfers, fees and interest earned or paid.
You can also see when a payment failed. For example, a debit order that bounced (didn't go through).
Benefits to reading your bank statement every month
It will help you track what is coming in and what is going out of your bank account
It will help you track what you are spending money on: are you spending a lot on take- aways and eating out? Are you spending a lot on movies and entertainment?
Going through your bank statement will help you track the debit and/or stop orders that are going off on your account and can help you track any fraudulent activity on your account such as unauthorised debit orders.
You can also notice if debit orders are still going off for accounts that have long been paid up or closed.
A debit card gives you the benefits of electronic banking. You or your employer deposit money into the account and you use the money that you have available. It allows you to shop without having to carry cash.
A debit order is another way in which you can pay a person or a business that you owe money to.
A stop order is a way in which you pay a person or business that you owe money. You instruct the bank in writing that they must take a set amount from your account every month and pay it into the bank account of that person or business.