Check Your Statements
With options for autopay and online pay, it's easy to make the mistake of putting managing finances on cruise control. While this is convenient, it's important to always check your accounts and your spending. Accidents happen, and it could be to your dismay.
When I paid off my student loans following my undergrad graduation, somehow the bank processed my transaction twice. YIKES! I was heated, I couldn't believe it. I'd called myself doing a good thing by paying off my debt and what did I get in return? Double billed! How dare they? Anyway, I was fortunate to not have an excessive amount in loans so my broke college student checking account balance covered me without an overdraft but it was such a hassle to go through the process of getting those funds back.
The point is, in our haste to cover all basis, we can sometimes miss things or do the same thing twice. I do not remember who was at fault, did I schedule a payment and then make a payment? Was the transaction processed twice because of a malfunctioning website? I do not know. All I know is that I'm always checking my finances and was able to catch the mishap rather quickly. Had I not been monitoring my accounts, it could have gone unnoticed for some time. As I didn't have much money, it wouldn't have been very long until I would have missed it, but sometimes working with larger numbers, people can miss overcharges, false charges and things like that. Think about some celebrities who have someone handling their books and stealing from them at the same time. This can go on for years unnoticed if someone isn't paying attention.
When I paid off my student loans following my undergrad graduation, somehow the bank processed my transaction twice. YIKES! I was heated, I couldn't believe it. I'd called myself doing a good thing by paying off my debt and what did I get in return? Double billed! How dare they? Anyway, I was fortunate to not have an excessive amount in loans so my broke college student checking account balance covered me without an overdraft but it was such a hassle to go through the process of getting those funds back.
The point is, in our haste to cover all basis, we can sometimes miss things or do the same thing twice. I do not remember who was at fault, did I schedule a payment and then make a payment? Was the transaction processed twice because of a malfunctioning website? I do not know. All I know is that I'm always checking my finances and was able to catch the mishap rather quickly. Had I not been monitoring my accounts, it could have gone unnoticed for some time. As I didn't have much money, it wouldn't have been very long until I would have missed it, but sometimes working with larger numbers, people can miss overcharges, false charges and things like that. Think about some celebrities who have someone handling their books and stealing from them at the same time. This can go on for years unnoticed if someone isn't paying attention.
No matter your status, your income, your balance...be in charge of your accounts, know what's going on, ask questions, don't sleep on your money.