A bank statement is a list of all transactions for a bank account over a set period, usually monthly. It consists of all the expenditures and transactions carried out in the previous days i.e month.

Many times people tend to ignore charges mentioned in the overall statement to save time and pay all at one go. Important points to ponder over are the facts that every statement has some hidden charges that are an added amount to your monthly bills.

Reconcile your bank statement:

You should always check your statement to avoid errors and mistakes. There is no guarantee that whatever the bank has issued will be completely accurate. You can check for canceled order amounts, bounced cheques, and other refunds that had to be done to your card.

Therefore, it is always important to tally your bank statement with a rough estimate or a rough draft of your incurred expenses. In order to protect yourself from extra charges you can always call the bank to see why have they charged you with a new service charge.

Always keep in mind that managing your finances and keeping a proper check and balance is solely your responsibility. Be vigilant!
Courtesy: gulfnews.com