Budgeting & help getting paid
“Hundreds of dollars might be leaking out
of your budget without you even knowing, as people fail to regularly check
their financial statements, bills and account balances.
Next time the credit card, superannuation or utility statement arrives in the mail, don’t toss it on the “later” pile that never gets opened. Instead, go through the items and plug any unexpected leaks.
CREDIT CARDS AND BANK ACCOUNTS
Two very good reasons for checking your bank and credit card statements are fraud and incorrect charges.
The only way you will know if there are any fraudulent or incorrect transactions with your bank accounts and credit cards is to check your statements.
Each year scammers skim billions of dollars through false transactions, Consumer Action Legal Centre spokesman Dan Simpson says.
Another good reason is to make sure that any repayments you have made have been received and credited correctly. Otherwise you will be charged extra interest and often a penalty or late payment fee.
Eye-balling your credit and bank statements each month might also trigger some second thoughts about how and what you are spending your money on, Simpson says.
“Reviewing your statements helps you understand your spending patterns and overall financial health,’’ he says.
My Budget director Tammy May also says reading your financial statements can help you save money, by paying more than the minimum, or reducing unnecessary service fees that you don’t need.
INVOICES AND BILLS
People make mistakes, so do big corporations and it’s interesting how often those mistakes are in their favour, not yours.
Always check your bills to make sure the information is correct and the charges are as you expect, May says.
Invoices for services or goods also need to be checked for accuracy, even if you have already paid, she says.
Simpson also says checking your utility and phone bills will help you understand your usage pattern and identify ways to save money.
“If you find a problem with one of your bills, it’s important to get on the front foot, call the provider and ask them to fix the problem,’’ he says.
“If you’re not satisfied, ask for the contact details of the ombudsman so you can get an independent investigation.” For more information visit: http://www.australianpaymentregister.com.au