Posted by forex at 7:57 AM
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1. Write down your bank account balance at the end of each day over a month-long period.
2. Add up the numbers using a calculator or by hand. Check the sum at least once to ensure you have accurately added the daily balances.
3. Divide the total sum by the number of days in the month using a calculator or by hand. For example, if the total sum is $2,500 and you tracked the daily balance in May, divide 2,500 by 31. This would result in a $80.64 monthly average balance.
4. Track the monthly average balance over several months, if desired. Add the results together and divide by the number of months to determine your average monthly balance for a longer period. For example, if January's average was $1,000, February's was $1,250 and March's was $990, add those numbers together and divide by three. The average monthly balance over three months in this case is $1,080.