How often do you check your bank accounts? It’s okay, you can be honest. I promise not to make fun of you. My promise in return is to share with you on how often I check my bank accounts. So, do you check ‘em once a day? Twice a day? Once a week? Once a month? Fortunately there is no right or wrong answer here. It’s your banking, time and money, so do as you please.
I like to check mine typically once a day. Two or three times on paydays. Typically I wake up, wipe the drool off my face and log into my online banking to start my morning off right. It gives me a peace of mind to make sure the money is still there, the right withdrawals happened, deposits are in place and that there is no funny activity. After checking my money situation out, next I take a sip of coffee (which has already been prepared for me by my fancy coffee maker) and log in to see my blog stats. Totally double the pleasure. ;)
In some ways you can say I’m addicted to my blog stats and online banking accounts. However, there are good reasons to log on to your online banking accounts more frequently than not:
Playing the Game of Error Catching
You work hard for your money, and the last thing you want is your bank or someone else taking advantage of your hard earned money. We’re all human and we make mistakes, and so do the computers. No system, policy or procedure is perfect. The only way to catch errors is to view your accounts often enough. Logging on once a month won’t do the trick I assure you.
The annoying part is that you have to keep checking your accounts for someones accidental errors that could possibly be costing you money. Errors are made all the time and the only way to reduce the errors is by keeping tabs on your banking accounts.
Motivation 101
I’m not sure about you, but I get motivated after logging into my online banks accounts. Coincidentally I get the same feeling after logging into my blogging stats. It gives me that extra ‘umff” and the ‘OK’ that I’m doing something right.
Whether it’s debt, savings, RRSPs, TFSAs or other investment accounts, you too will get motivated when you see those numbers moving in a direction that you want. Seeing those amounts go up little by little every week, or your debt go down down down, is some powerful stuff.
Take today for example. I logged in this morning and saw that my RRSP account made it over the $2,000 mark. It turned me on and inspired me to write this mini post. I’m proud of my mini bi-weekly contributions and seeing a nice round number like that makes it all worth while.
It doesn’t matter who you bank with, whether it be a large financial institution such a Discover online banking or your local credit union online banking – you can always get inspired. The beauty of saving money (and never touching it) is that it only moves in one direction – UP!
I’ll be honest here, I’m not trying to burst your bubble, but saving money and never touching it is an acquired skill. The faster you grasp it, begin to do it and breathe it every day – the more savings you’ll acquire faster. You’re probably thinking right now; ‘Give me some cool-aid that this guy is drinking, because this is obvious’ and I agree with you, unfortunately I don’t have any cool-aid to share with you, because I ain’t drinking any. I’m buying this simple idea now and have been for the past….almost two years now. I just wish I bought into this simple idea long ago.
So that’s why I check my accounts every single day. I like knowing what my money is up to, and I want as much motivation as I can get. It only takes 30 seconds of my time and the motivation is priceless.
So, back to you: How often do you check your bank accounts?
Eddie
Whenevr it is necessary to update the accounts, which is usually about 7 times a month.
That’s not a bad number at all, especially considering people do it far less than that or you can be a total addict like me…LOL
Personally I only check my bank account a few times a week. Even then though, I’m not really examining transactions for errors. Do you actually come across errors somewhat often? The only error I remember ever catching is once or twice when my payday direct deposit didn’t show up and I had to harass my boss.
Modest Money recently posted..Early April 2012 Modest Money Update
Thanks for another msg MM, but you must examine for errors. Quick glance here and there.
I check my primary checking account just about every day. I check on my savings account over at ING less than that, probably once every week or two.
Bryan recently posted..Are You Frugal or Downright Cheap? – Guest Post
I’m exactly like your self. The primary checking account and all other accounts are through RBC and I view them daily. The ING account I oversee once or twice a month at the most. Thanks for stopping by Bryan!
I balance my checking account monthly and confirm deposits when they occur. I also record all my checks as they are sent via online banking.
krantcents recently posted..The 3 L’s of Success
typo: “Logging on once a month won’t do the truck I assure you.”
I liked the topic of this post; I am with you. Frequent checks are essential.
EasyChange recently posted..Tax Time 2012
Thanks for the heads up and great eye. Pretty embarrassed now…LOL
I rarely check my accounts, but I track all my spending for all accounts with Mint.com, and I check that probably two or three times a week. It helps keep me in check, and it also alerts me to any weird activity on my account, which I like.
I do find, though, that I forget really quickly what I spent money on. Sometimes I go a few weeks without checking and then try to do it all at once, and then I have a really hard time remembering what certain things were, which is especially bad because something like going out to dinner or coffee is often written o ff as a business expense, but only if I can remember the circumstances!
Melissa recently posted..Seven ways to save money on groceries
Hi Melissa!
I never got onto the the MINT train or any other financial tracking software.
I can’t be bothered with the extra setup, emails etc….and rather prefer to do it the old fashioned way – paper & pen.
That’s great that you use mint.
Write something on it when you get a moment to share your positives/negatives with tracking your spending with mint. (Just a thought..LOL)
My bad, probably 3-5 times per week.
Probably the same with my brokerage accounts.
If I’m not checking one, one day, it’s the others. :)
That’s awesome and glad you keep tabs on your accounts.
I can imagine that it may get confusing at times with the brokerage accounts, especially if you have more than one.
Great question – I end up logging in a couple times a day, but because when I log onto my trading account, i go through my main online banking. Its not that I trade everyday, but i just go on to do some tracking.
sleepydad recently posted..Sleepydad’s Dividend Paying Stocks
That’s exactly like me as well, except I don’t have a trader account yet with RBC, but do have other investment accounts.
I usually check my bank account once a day, especially if I’m expecting some activity on the account.
Geoff recently posted..The Walking Debt
Good point, I double check my accounts on paydays!
I check every other day, just in case something goes wrong like an overdraft.
Financial Samurai recently posted..The Psychology of Wealth Book Review And Giveaway
FS..thanks for stopping by. Yes, checking to make sure checks and overdraft align properly is important.
This is a guy thing. I do check my accounts but with reluctance. Checking on my money is like a visit to the dentist – painful but necessary!
Errors…I’ve had a few but then again too few to mention…la,la,la!!
I don’t take pleasure in money…it’s just something I need to eat and have a roof over my head. Love the idea of a moneyless society where we trade and share skills.
I check them 2-3 times a week. I agree, though, the more frequently the better.
femmefrugality recently posted..Outside Family Fun Festival
Glad to come across your blog, I thought it was just me who is crazy checking the bank and investment accounts atleast once a day!
Its usually advised not to check your stock price every day if you are long term investor,..but i cant stop myself checking it… !! I dont care, I like to think its my hobby :)