Tracking Debit Card Transactions
Debit cards are one of the most convenient of all new inventions, and there are many consumers who simply cannot live without these handy little plastic checks. It is important to remember, however, that those debit card transactions work just like a check, meaning that you must carefully record them in your checkbook, and reconcile them when the bank statement arrives each month.
Too many of us fail to keep track of all these debit card purchases, and end up overdrawing our accounts as a result. It is all too easy to lose track of those receipts and other slips of paper, and it is no wonder so many of us lose track of these purchases.
The situation can be even more difficult when a couple shares a checking account. Knowing what your spouse has spent for the day can be quite difficult, and it is important for couples to develop some sort of system for tracking bank transactions made through debit cards.
One of the best ways to keep track of all those debit card purchases is to keep an envelope in your pocket or purse, and use that envelope to collect all those little receipts. This can be a great way to keep track of all receipts, for credit card purchases, check transactions and debit card purchases alike.
At the end of the day, record those debit card purchases in the checkbook, and continue to keep new receipts as you gather them. This simple envelope system makes a great management system. If you have a software program, like Quicken or Microsoft Money, it is a good idea to record all those transactions in the computer as well. This will make the process of reconciling the checkbook at the end of the month a great deal easier and less stressful.