Keeping a Watchful Eye on Your Finances
In a previous article, I talked about calculating and tracking your net worth. Doing so not only lets you know where you stand at any given time but also allows you to see your account activity from month to month which brings me to today's topic.
Keep an eye 👁 on your finances!
Pay Attention 👀
It's so easy to get lost in the day-to-day, that we do not give our finances the full attention that it needs. Checking your accounts frequently will help curb your spending - if you're spending wastefully - or will alert you to any unusual activity.
While updating my net worth spreadsheet at the beginning of the month (late - it should have been the end of last month, but I digress), I noticed that one account that should have had no activity had decreased. The amount was minimum but sparked my attention and concern. Moments later, I was on the phone with a bank representative to find out what in the Sam Hill was going on! Their explanation could have been more helpful, but we talked and this random transaction fee was kindly reversed. After further digging and investigation, I finally got to the bottom of the matter and got everything situated.
Long story short, you have to keep a watchful eye on your money. No matter how big or how small, you always want to know what is going on with your accounts and catch any suspicious activity as quickly as possible.
Bank and Credit Card Alerts🏦
Banks and other financial institutions make it very easy for you to get alerts and notifications for account activity. Use the alerts! Set it low, so that you know at any given time what is happening with your account. I have an alert on a credit card for any transaction over one dollar. I NEED to know what's being spent and when. When I shop, as soon as I swipe, my phone buzzes, and that works well for me. These types of alerts have come in handy, I'll share one more story on how.
Alerts May Save the Day🦸
A few years ago while minding my own business, I received a notification informing me that I had just made a purchase on walmart.com for a few hundred dollars to purchase a digital camera and some other equipment. Additionally, it was a store pickup order somewhere in south Florida (nowhere close to where I was living) and it would be ready in an hour. Within just a few minutes I was on the line with a representative, canceling this fraudulent order, shutting down my account, and canceling my card. I was outraged but also thankful to have alerts that notified me right away and prevented a thief from getting away with this terrible criminal act.
Managing your money like a boss is about staying alert, staying informed, and watching what money comes in and what goes out. Bad agents are out there and they work hard to take what you work hard for. Protect your finances in whatever way that you can!