"Maintaining control of daily finances can sometimes seem overwhelming, especially if you fall behind," says Kelly Williams, a vice president and financial center manager with Fifth Third Bank. "My best advice is that people use whatever method works best for them. But the key is to stick with it."

Online record keeping gaining in popularity
Online banking has become very popular in recent years - with customers of all ages. "More than 60 percent of all our customers actively use the Internet for banking," Williams says. "Although it's great for some people, I realize not everyone is comfortable with it. When that's the case, people must still keep up with a paper register."

Williams discusses different record keeping options with customers when they open an account. "If they're interested in online banking, I will demonstrate how it works by taking them on an online tour. I'm also very willing to show established customers how to use it as well."

Benefits of online banking
Williams explains that online banking can streamline the task of daily record keeping. For example, people can review their current balance online and then subtract any checks that haven't cleared. This enables them to remain up-to-date without having to wait for statements to come in the mail. She also recommends setting up e-mail alerts to warn customers when accounts are close to being overdrawn. This helps them avoid overdraft fees.

People can also use online banking for paying monthly bills. "I'm especially in favor of paying any recurring bills online. These are bills that come due at the same time each month for the same amount, like a mortgage or membership fee. For other bills, like credit cards and utilities, where the amount varies from month to month, I personally believe it's better to review them first and then initiate the payment. Once you have payees and account numbers set up on your computer, making payments is very easy," she says.

Williams herself likes to use a software program that she linked to her bank account. "The program gives me daily updates from my bank, showing me when debit card transactions and checks have cleared," she says. These popular software programs, available just about anywhere that sells computer accessories, really help simplify the management of her bank accounts.

Tips for keeping a paper register
Managing daily finances takes a certain amount of self-discipline. But compared to online record keeping, a paper register can seem to require greater effort. "It's especially important to keep accurate records of all debit transactions, perhaps by keeping all receipts in a special place and then entering them in your register on a regular basis," she explains. "I also recommend people limit debit card transactions. For small everyday purchases, like lunch from a fast-food restaurant's drive-through window, it may be easier just to use cash. It may be a good idea to take out enough cash to last a week or two."

In addition, Williams says it's helpful to get into a routine of paying bills at the same time each week. To avoid addition and subtraction errors, she recommends using an adding machine that produces a tape and then comparing that tape with your paper register.

For more advice on streamlining daily finances, contact Fifth Third at (866) 475-4201 or visit the Fifth Third website.