Today on MyMoneyLife with Chuck Bentley

Do you bank online?  There’s no question that technology has taken a lot of the drudgery out of paying bills and managing our finances.

In fact these days, you can practically put your entire banking operation on “auto pilot.” Money comes in with direct deposit, and goes out with online bill paying.

But that “hands off” approach can lead to trouble, because one thing hasn’t changed: You still have to check your account often or you’ll lose track of your finances.

Here are 3 ways to get into trouble by not keeping up with your account:

1. Direct deposits.  Don’t assume that your paycheck will automatically be deposited.  All it takes is one little glitch, your paycheck gets re-routed to who-knows-where, and you’re overdrawn.  That’s a very expensive mistake these days.



2. Over payments. Signing up to pay your mortgage or auto insurance with automated debits from your account is convenient, but don’t assume those companies never make mistakes. Be sure to check your statements each month.



3. Missed payments. Do you use your bank’s automated bill-payer service?  It’s not unheard of for the bank to miss a payment, which could cost you late fees and affect your credit. At the very least, the bank will hold your payment for as long as possible, so make sure you factor in enough days to get your payment there on time.

Here’s the bottom line, check your account often, even daily, to prevent little glitches from turning into big trouble.

And if you need help getting control of your finances, we’d love to be your partner.  Just visit us online at Crown.org.

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Other Resources:

• ABCs of Money Package
• Career Direct
• God's Principles for Operating a Business
• Business By the Book
• Crown Mvelopes