Choice of bread wise
They say the devil is in the details. With regard to your finances, this can certainly be true.
Every day we have the potential to lose money simply because we are not paying attention. We pay too much for items because we do not notice how much they cost. We lose money in fees or other charges because we do not read the print characters.
We may think that this lack of attention to detail only costs us a dollar here and there. But this negligence can ultimately represent a lot of money lost over time. Let's take a look at how attention to detail can improve your financial situation.
You'll know a lot when you see it
If you pay close attention to the cost of the items, you will know when you will see a good deal. Even if you do not shop for a specific item, take the time to look at its price. So when it's time to make a purchase, you'll know if you're paying too much. If you know the prices perfectly, you can find out which retailers systematically offer the best offers and which stores to avoid. Depending on your provider, you can automate this process by configuring price alerts by email or text. (See also: 10 mistakes made even by smart people)
You will notice when a cashier makes a mistake
I worked as a cashier in an office supply store and was not particularly good at it. At the end of the day, I often learned that I had made mistakes by giving change to customers. Few customers have ever noticed the mistakes, so it's their loss. When paying cash in a store, be sure to count your currency before you leave. Be sure to remember the bills you pay. If the calculation does not make sense to you, do not be afraid to tell the cashier. Also, be sure to review your receipt to make sure you have not been accidentally billed more than once for an item.
You'll know if you pay too much to invest
When we invest, we often pay special attention to prices and the basic return on investment. But do we know how much funds fund managers are spending? Are we aware of the commissions we pay each time we trade? These costs can take several percentage points of our overall returns, which could cost us thousands of dollars in the long run. To get the best return on your investments, it's wise to look at their overall rate of return, including fees and expenses. (See also: 4 sneaky investment fees to watch out for)
You will see the "capture" when there is one
Congratulations! Your cable company has just given you free HBO. But have you noticed that it only lasts for three months and that you will then have to pay the full monthly fee? Is this "free" mobile phone really free, or have they incorporated the cost into your monthly bill? Whenever an agreement seems too good to be true, it usually is. Read the fine print of everything you sign and know that it is rare that something is really free. (See also: Watch for these 4 stealth charges on your monthly bills)
You will know what is covered by insurance
Several years ago, the basement of my house was flooded after the failure of our sump pump during a heavy rain storm. I assumed that the damage would be do not be covered by insurance because I did not have additional flood insurance. But reading the fine print of my font, I learned that a special provision covered me in case of failure of a sump pump. If I had not taken the time to read the policy carefully, I might have had to pay thousands of dollars for renovations.
Insurance policies are complicated. You may think that you are covered for some things while you are not. You can be covered for things you are not aware of. Always be sure to read your policy so that when bad things happen, you have the assurance of being properly insured. And be sure to update your insurance if your life circumstances change. (See also: 11 unexpected things covered by home insurance)
You will notice errors in your credit report
Under the law, you can get a free copy of each of your three credit reports – from TransUnion, Equifax and Experian – each year. Even if you do not intend to borrow anything, it is good to consult your credit reports when you can because they may contain incorrect information about your finances. Your credit reports may also indicate that you have been a victim of identity theft. By performing a detailed review of your credit reports, you can ensure that lenders have the most accurate picture of your financial situation. (See also: How to read a credit report)
You will be charged correctly
Have you ever been to the auto mechanic and received a detailed list of several pages of work done? Have you ever been billed by a doctor's office and seen a list of unknown charges? Sometimes, bills can display many costs that you did not expect. It is best to review these bills and identify each charge. If you do not understand something or if something seems unfamiliar to you, do not pay the bill until you get an explanation. You should never pay an invoice without first examining the charges.
You know that you will be paid correctly
If your paycheck is directly deposited into your bank account, you can not check your pay stub regularly. But your salary check deserves to be reviewed each time, just to make sure you receive the exact amount. It is also important to check whether taxes, 401 (k) contributions or health savings account funds are correctly deducted. Verification of pay checks is especially important for hourly or self-employed workers who may have incoherent income. (See also: Do you withhold the correct amount of tax on your salary?)
You will pay the right amount of tax
Taxes are disturbing, but they are an integral part of life in society. And it's crucial to be organized and be careful when ranking. Mistakes on your taxes could cause you to pay too little tax, which would result in penalties. Or, you could end up paying too much tax if you are careless. When requesting deductions, make sure you have the proper documentation to justify them in order to avoid having problems with the IRS.
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