Controlling your finances means understanding all of the money-related statements that your receive online and in the mail. I don’t look forward to reviewing them; it’s a tedious task, but an important step to see everything is o.k. with your checking and savings accounts. Here’s a list of things I have found myself and heard through my clients:
Life
Insurance on Boat Loan (my hubby before we married)
Forgotten
Gym Memberships
Unwarranted
Overdraft or “Convenience Fee”
ATM
and Credit Card Fees
Purchase
Amount Errors
Unwanted
Payment Protection Plans or Subscription Services
Yikes! These
are usually not small fees, and removing that $15 monthly life insurance on the
boat loan (yes, the heirs would get a paid-for used boat) is instant money
saved. I just look through the line
items and make sure they are legitimate. I look for any surprise fee hikes or excessive
ATM fees I didn’t anticipate. This is
how you take control – know what is happening to ALL of your money.
One more thing - make sure you receive all of your statements
if you have more than one account.
Awareness of address changes can prevent identity theft. (Think exes and businesses you frequent.) It’s
not the latest Moscow gang taking our ID’s, it’s most likely someone we
know.
This is one more action to take towards controlling
your finances that doesn’t take money out of your pocket. Hopefully, you’ll find some places you can recover
money. Now, don’t take all the findings and
celebrate – pay off that nagging credit card bill that won’t go away. Now, that’s control.
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