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Saving Money: Check Your Statements!

In summary, it is important to regularly review and analyze your bank statements, credit card statements, and utility bills to ensure that you are only being charged for legitimate purchases and services. This can help you identify areas where you may be overspending or paying for things you don't use, and ultimately save you money. Consider switching to better deals or providers to further decrease your expenses. Additionally, be mindful of paying "stupid tax" and try to avoid late fees and interest charges. By being proactive and vigilant about your expenses, you can improve your financial health and potentially save hundreds of dollars each year.
esavvymom
Staff member
7,895
Bank statements, credit card statements, utility bills.....

Be sure to look at the line items, purchases, etc. (1) to make sure they ARE your purchases. This applies especially to your credit/debit cards. We caught that one of our cards was compromised and being used because i do look at my statements- line by line.

(2) See where your money is going!!
Are you spending alot more dining out than you realized? Too much retail therapy maybe? $40 here, $20 there does add up!

(3) Are you getting charged for things you don't use?
For example- your phone bills, or your cable bill. Are you paying for 3 TV cable boxes, but only use one? At an average of $10 a month for each cable box, why not ditch the extra two and just hook the tv straight to the wall jack for the basic channels. it would save you $240 a year or more.

(4) Are you paying "stupid tax" (Dave Ramsey term)? For me, I noticed that too often through the year, I was paying late fees or interest, simply because my bill was paid 2 or 3 days past the due date. It adds up fast!!

(5) Are you paying for something you don't use? Like a gym membership you forgot about, a weight-loss program you never attend (guilty!), magazines you never read.
 
All of that adds up too. (6) Are you getting the best deal? For instance, I had a cell phone plan that wasn't a good fit for me, so I switched to a better plan. I saved $200 a year. Look around to see if you can find better deals for your plans, or switch provider altogether. (7) Are you paying too much for insurance? This is especially true for auto and home insurance. Shop around and compare rates. You may be surprised at how much you can save.
 
Cancel them and save yourself some money!


Great points! It's so important to regularly review your bank and credit card statements to catch any unauthorized charges and also to track your spending. It's easy to overspend on things we don't really need, like dining out or retail therapy, and looking at the line items can help us see where we can cut back. And I love the idea of cancelling unused subscriptions or memberships - it's amazing how much money we can save by doing that. Thanks for the reminder to be more mindful of our expenses!
 

What are the benefits of regularly checking my statements?

Regularly checking your statements can help you catch any fraudulent activity or incorrect charges. It can also help you track your spending and identify areas where you can cut back to save money.

How often should I check my statements?

It is recommended to check your statements at least once a month. This will help you catch any issues in a timely manner and stay on top of your spending.

What should I look for when checking my statements?

When checking your statements, make sure to review each transaction for accuracy and also look for any unauthorized charges. You should also pay attention to fees and interest rates to ensure you are not being overcharged.

What should I do if I find an error on my statement?

If you find an error on your statement, contact your bank or credit card company immediately. They will be able to investigate the issue and help you resolve it. It is important to act quickly to prevent any further fraudulent charges.

Are there any tools or resources available to help me track my spending?

Yes, there are many budgeting apps and online tools that can help you track your spending and budget effectively. Some banks and credit card companies also offer spending analysis tools that can help you identify areas where you can save money.

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