Lawrence is a real estate developer that has built his business over the years . He has been profiled as a person of integrity and has attracted a lot of high class societal personalities . Finance has never been a problem to him and he spends his money as he chooses.

A mail from his Account Officer reveals that this figures are going haywire.

Felicia obtained a credit facility from her bank and is only concerned with how the money is disbursed. Knowledge on how fees are deducted eludes her as she shows zero concern .

Little challenge is, these two only track their income and barely observe their expenses .

Most of us hardly analyze our bank accounts critically .

Analyzing the account goes beyond cross checking to know income and expenses.

It also goes beyond the usual sms alert that comes in .

When last did we request for our account statement to have a proper view beyond what the alerts say???

Technology has made it easy for one to request for the statement. This you can have within few minutes .

Note that you choose the period in which you want the statement to cover .

When the account statement comes via mail or any other medium, it’s best to open it and analyze properly .

The best time to analyze is immediately and not “later”.

First thing first , look over the financial summary to see if the current balance reflects what it should be .

Numbers might not be your thing, but it’s advisable not to glance at the account statement rather spend quality time .

Reconcile all Cheques on your bank statement against your Cheque register .

Look through for any unusual or unexpected fee.

Having done this , go through your statement again and note down the following :

Reoccurring sort-code transactions for transferring cash,

Airtime top up-(check the frequency at which this is done ),

POS transactions,

Withdrawal pattern.

Your discovery will reflect your value for money .

Periodic review on your account will not only help in keeping records but will aid in prioritizing how money is spent .

You are the Chief Responsibility Officer of how your finances are managed.

Assignment : Download your account statement and spend quality time on it .

Ps: If you need help on interpreting your account statement, I am readily available to help you 😁😁…