Debit

Meaning:

A debit is an amount of money taken out or deducted from your bank account. When you make a purchase, withdraw cash, or pay a bill, the money leaving your account is

recorded as a debit.

Example:

For instance, if you use your debit card to buy a video game for ₹2,000, that amount is a debit from your account.

How to understand debit:

Debits help track money going out, which is important for managing your spending. They show your accurate account balance by reducing the available amount.

Importance of Debit:

It helps maintain financial discipline since you can only spend what you have.  Debits provide transparency by clearly showing where and how your money is used.