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This money management mistake can ruin your budget…

October 14, 2016

Think about your morning routine. You most likely roll over, grab your phone, and start running through your routine of checking various notifications. Facebook, Twitter, email, text messages… but is your bank account on the list? One of the most simple things you can do to boost your money management skills is to check your bank account regularly. This can help you check and see if you are on budget, alert you to any potentially fraudulent charges, and can ultimately stop you from overspending.

Fraud Alerts

By checking your account regularly and knowing your spending habits, you’ll be able to recognize fraud faster. Fraud alerts from your bank may not register if the charge falls within your usual spending habits, but by manually reading each charge you can pinpoint ones that you don’t remember making.

Know Your Balance

You may think you know how much money you’ve spent recently but sometimes the small ones slip from your memory. The $6 you spent on sushi for lunch, $10 withdrawn for a birthday gift for your nephew, and $2 for a candy bar at the gas station all add up. By knowing your balance you can make the mental calculation of whether or not your budget is on track.

Avoid Overdrafting

What if your paycheck hits your account late? If you check your account you would know to delay any major purchases until it shows up. If you miss it, you may end up with a declined card or overdraft fees.

Track Where Your Money Goes

Checking your account regularly can also help you make adjustments to your budget. Over time, you will recognize that you may need to adjust various areas to keep your budget on track. You might also pick up on some bad spending habits and be able to stop them before they get too bad.

Utilize Other Money Management Tools

By using a tool such as Mobile Money, you can monitor your account balance and take care of other banking functions from anywhere in the world. Mobile Money allows you to set up account alerts, transfer funds, pay bills, and find ATMs from one convenient app. It’s fully secure, so you don’t have to worry about anything. Mobile money can be accessed via a mobile app, mobile browser, or SMS message commands, so you can choose the option that works best for you. The best part? It’s free for all Bank of the James customers, so you’ll have a little more money to manage.


A simple action that takes just a few seconds can make or break your budget, or your bank account as a whole. Add checking your bank account into your routine, even just a few times a week, and see how you add to your money management skills. Download the Mobile Money app and get even more great features to help you stay on track.

Keep your budget and financial goals organized.

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