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Keeping financial records.
Whether you get pocket money or you are earning, it is very important to keep track of where your money comes from, and where your money goes.
If you have a bank or building society account set up, you will normally be sent a paying-in book, and regular statements.
A paying in book will normally contain both paying-in slips, and withdrawal slips. These slips will need to be filled in by you whenever you wish to pay money in to your account, or take money out.
Every time that you wish to make a deposit (pay money in), or make a withdrawal (take money out) you will need to complete one of the slips with the date, your name, your account number, and the amount you wish to deposit or withdraw.
By doing this you will then have a record in your book of every time that you have paid money in, and taken money out of your account. Once this information has been written down, make sure you keep your book somewhere safe.
When using a paying-in slip, or a withdrawal slip, you will have to give one half to the cashier, and keep one half for yourself. The half that you keep is your receipt.
Your bank or building society will also send you a statement of your account on a regular basis. This could be sent on either a monthly, quarterly (every three months), half-yearly (every six months) or yearly basis. A statement is a piece of paper that will list all of the transactions that have happened on your account within that time.
Again, it is important that you keep your statements somewhere safe, as they will contain personal information about your account. If you have lost your paying-in books and statements, or think that they have been stolen, report it to your bank or building society immediately, and they should be able to issue you with new copies.
For more information and activities on bank statements, please visit www.doughuk.com/1_banking_info_b.php
Disclaimer, Target Audience, Jurisdiction Last updated & checked: 30/03/2006