ECONOMICS
MONEY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Look at my last bank statement to get my balance.
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Ask a trusted friend for advice on how much to spend.
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Make only small purchases.
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Keep an accurate and current record of all of my transactions.
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Detailed explanation-1: -How can you avoid spending more than what is in your bank account? Check your bank statement once a month. Ask your financial institution to notify you when you are close to $0 in your account. Keep your own records to compare with your financial institution’s records.
Detailed explanation-2: -The bank may freeze your account until the overdraft is paid off. That would mean you could not get access to any money in the account, like your salary. Banks also charge a monthly fee and a setting up fee the overdraft, so it can be an expensive way to borrow money.
Detailed explanation-3: -If you’ve made recent purchases with your debit card, but the financial institution hasn’t fully processed the transaction, the current balance will be higher than the available balance. This is also the case if you have written a check that has not yet cleared.
Detailed explanation-4: -Check Your Accounts Regularly. Never Give Out Your PIN to Anyone. Use Stronger Passwords. Be Careful Where You Access Your Account. Avoid ATMs in Touristy Areas or That Look Out of Place. 09-Nov-2022