Why Are Bank Statements Important?

As young people gain independence, it’s important to know how much money you have, understand your expenses, and keep track of any income. A bank statement displays all transactions (money coming in and going out) and shows your current balance. You can view your bank statements online, through banking apps, or request paper copies.

How to Use Your Bank Statement

  • Monitor Bills and Spending: Check both regular and one-off expenses.
  • Track Interest: See how much interest you’ve earned.
  • Affordability Check: Determine if you can afford a purchase.
  • Record Income: Review wages or gifts deposited into your account.

Keeping Track of Finances

Financial independence is built on good money management. Here are some strategies:

  • Use budgeting apps.
  • Set up text reminders.
  • Regularly check your statements and online accounts.
  • Create online budget spreadsheets.
  • Allocate a fixed amount of spending money each month.