A checking account is a great tool for keeping track of your money. It may also help you save money, simply because it's not as easy to spend, and it's often safer than carrying cash. Diligent upkeep of the checkbook register can provide an accurate chronicle of your spending activity. If you do miss some transactions, your bank statement will provide information on the check number you used, when you wrote it and the amount. Features and costs of accounts can vary greatly, however, so shop around.
Many banks offer basic accounts with a limited set of services for a low price.
Credit Cards Credit cards can be a convenient alternative to carrying cash. They can also help to leverage your finances in an emergency. Each transaction is reported on your monthly credit card statement, so you know where the money goes. If used wisely, there is no problem with credit card debt. Credit cards, however, can lead to pyramiding debt if misused.