the advent of online banking, it ought to be easier than ever to
monitor the status of our personal finances. No surprises,
According to a recent survey by the American Institute of
Certified Public Accountants, that's not the case for a significant
number of taxpayers. The survey, conducted by Harris Interactive
for the AICPA, found that more than half of the young adults (18-34
years old) checked their social media accounts at least once a day
(7.5 times was the average).
The downside? Only 17 percent of them checked their bank
Numbers didn't seem to improve with a few more years, either.
Among 35- to 44-year-olds, only 14 percent check their bank
accounts daily -- but 34 percent of them sign into their social
media at least once a day.
Why would you want to check your bank account every day? For
starters, to make sure that all the transactions you see are yours
-- and not some hacker's. It also helps to keep on top of what
checks have cleared, which ones haven't, and if there are any bank
charges you weren't expecting.
The National CPA Financial Literacy Commission has come up with
some simple ways to help us all stay on top of our financial
Check Your Financial Pulse -- Make
it a habit to check your financial status when checking your social
Make It a Financial Friday -- On
Fridays, stop by an ATM to sign into your account (or call your
financial institution) and verify your balance and check the
accuracy of your transactions. If you use the Internet, though,
sign in from home on a secured network (NOT wireless). And don't
save your financial passwords on your computer or smart phone.
Stay Alert -- Set up text alerts
with your bank and credit card company, so you'll get an automatic
reminder when your balances reach pre-determined thresholds.
Remind Me -- Use your calendar
application to remind you to check your long-term financial
planning accounts (like retirement) every quarter.
When we think about it, keeping up with our financial status
takes no more time now than checking our friends' status online. So
there's really not much excuse for being blindsided by bank charges
or unauthorized withdrawals.
In the words of CPA Jordan Amin, the chairman of the National
CPA Financial Literacy Commission, "the first rule of personal
finance is to be informed."
Don't say we didn't tell you …
No values retrieved from Twitter API.