YOUR money YOUR responsibility.

Double check EVERYTHING!

The amount of mistakes made on everything from paychecks to credit scores is astounding.  No one has better intentions for your money than you.  The retailers and government can only gain from a mistake and if you don’t care enough to check and rectify it, you’re the one who loses.

In the past six months I’ve had at least five errors on my credit card.  Not only that, but after calling the companies that overcharged me I had to follow up again with at least two of them to get the errors fixed.  It happens all the time on purchases of all sizes.  I once made a $1,000 purchase on my credit card and was accidentally charged twice.  Can you imagine losing $1,000 just because you didn’t double check your credit card statement.  You may be thinking, well I’d notce a $1,000 difference.  But you may not notice $5 or $10 and those can add up fast costing you hundreds.  More importantly, if there’s a $10 charge on your card that you didn’t authorize, by noticing it right away you may save yourself thousands in fraudulent charges by calling your card company immediately and reporting it. 

Check your account statements everyday.  With online access it’s so simple.  It’s part of my daily routine.  Gmail and Facebook… then Chase then Charles Schwab..  Not only do you ensure everything is in order, but you get a snapshot of your spending when it’s all on the screen in front of you.  I’m a spreadsheet kind of gal so I crossreference my spreadsheet with my statements and make sure all charges are accounted for.

The mistakes are not limited to retailers and credit card companies.  Double check your pay check or pay stubs each week.  Make sure all the hours including overtime have been accounted for, and speak up if something is wrong.  Again, it’s only you who can lose.  I recently had an incident with my employer.  I had $50 each week deducted from my paycheck  to pay off my union membership initiation fee.  The day I paid off my membership I contacted both the union and my employer to make sure that $50 would stop being deducted.  Low and behold, the next week the $50 was deducted despite taking every precaution.  Don’t assume anything is or will be taken care of – even if you’ve covered all of your bases.  Your paycheck is just one of a hundred or thousand to your employer, but to you it’s your livelihood.  If you want it all , it’s up to you to keep track of it.

Finally, be sure to check up on all three of your credit reports once a year.  In a 2009 study by the National Association of State Public Interest Research Groups they found that 79 percent of all credit reports contained some type of error- and 25 percent contained errors serious enough that individuals were denied credit.  Your credit reports affect the interest rates on your loans and credit cards, what you pay for insurance, even  your potential for future employment.  In other words, a mistake unchecked can cost you thousands.  Here’s a link to the Federal Trade Commission which explains how to check each score for free once a year and report any errors.

 http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

You are the greatest beneficiary of your money.  Be responsible with it and for it.