|Image credit: 401(k) 2012|
After discovering that error—which had cost me nearly $100—I put a recurring event on my calendar to check all my bank, credit card, and other statements. Since then I have found numerous erroneous charges. What's interesting is that none of them were fraudulent; rather, they were simply cases of vendors making mistakes.
I imagine most of us know that we should read our statements every month, but given our busy lives in can be easy to forget to do so. Yet staying on top of our accounts can yield significant savings; in a sense, it's "free money."
So next time you get that credit card or bank statement, do a careful read-through. If anything looks off, call the vendor or your bank. More often that not, it's an honest mistake that can easily be fixed, but only if you notice it and do something about it! This is an important lesson for all of us, and we will certainly use it at Capital Good Fund to help our clients!
Andy is the Founder & CEO of Capital Good Fund, a social change organization dedicated to ending poverty in America. Capital Good Fund provides financial services— small personal loans as well as Financial & Health Coaching—to low-income families.