Do you Keep a Close Watch on your Bills?

1699h0068.jpgMistakes happen, and it seems as if they pop up on bills quite frequently. How closely do you read your statements, receipts and bills? Do you take the time to review the actual charges, or do you simply assume that the bill is correct. Remember that when it comes to numbers, errors happen frequently.

For example, one time my bank was even wrong on my statement. The computer added something incorrectly. Sometimes numbers get transposed when they are entered into the computer — you have to double check. On another ocassion I was charged $200 on my Visa card as card replacement fees, which actually should have been $20.

It is estimated that consumers lose millions making unnecessary overpayment’s on accounts each year. For example, cellular bills are notorious for being wrong.

There are many things to look for when you are spending money and paying bills. The most common thing to happen when you are shopping is that you are charged the wrong price for an item. Make sure that if you buy something on sale you are given the appropriate sale price. Know the price of the items you are buying.

Once, I bought two bars of chocolate. The cashier accidentally pushed the two button and the three button, charging me for 23 bars of chocolate. I knew that the total didn’t sound right and checked the receipt before I left the store.

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You should always review your receipt before you leave a store. There are many instances of scanning twice by mistake or entering the wrong number. I’ve had checkers not know the difference between types of produce and charge me for a costlier fruit than the one I purchased. You will find that there are mix ups.

When reading bills, first make sure that you are being charged for the correct service. Make sure that you aren’t being billed twice for the same product or service. If you don’t receive a product or haven’t ordered the service, you shouldn’t pay for it.

One of the newest ways to frustrate your life is the bundling or consolidating of services onto one bill. The bills are much more difficult to read, leaving the chance for a mistake. I know that our cellular bill is quite complicated as there are two phone lines and a data line. We have a mistake sometimes on our bill.

If you don’t understand what you are being billed for, you need to get clarification before you pay the bill. So many government and miscellaneous charges are added to bills. You need to know what the charges are and how they are calculated.

Review every bill you receive and you will find that you do catch mistakes and save money.

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10 Responses

  1. GM says:

    just recently I got charged $136.00 by dollar rental on a car that I did not rent.

    I got to the office and filled out the paper work but when they told me that total I freaked out since the rental would come out around 300 dollars for a week, I canceled the transaction and the clerk voided the agreement.

    I thought I was in the clear but then 3 weeks later a transaction appeared which if I had not gone back a double checked my charges I would of never caught.

  2. SmartyDad says:

    I recently went grocery shopping. The pork chops were on sale for $2.45/lb.

    I bought 2 chops and the butcher printed out the sticker to be rung up at the cashier. I looked at the sticker and it read $8.49.

    I let the butcher know that the pork loin chops were on sale for $2.49. He verified the sticker and it turns out that he accidentally keyed in the code for shrimp.

    It might have only been $6.00 but every dollar helps!

  3. Robin Bal says:

    Hi GM,

    There you go, keeping a watch on your bills helped, otherwise you would have never known. I personally know a lot of people who just don’t care, I find that kinda weird.

    Take care and cheers

  4. Robin Bal says:

    Hi SmartyDad,

    Thanks for your comment and welcome to FortuneWatch. The kind of incident you mention is very common and mind you its not accidental all the time. Pays to keep a watch, maybe its only a few Dollars, its still a few Dollars, why get ripped off.

    Take care and cheers

  5. Neece says:

    This is great advice. It seems so simple but most people really don’t ever check their bills or receipts. Thanks for reminding us to be diligent!

  6. Robin Bal says:

    Hi Neece,

    Thanks for your comment and welcome to FortuneWatch. You are right most people never bother to check their bills or credit card statements. Could save you some money if you take a few moments to check out what you are paying for.

    Take care and cheers

  7. christelle says:

    I am so bad with my money it’s not even a joke.I already made my ‘estimated’ budget for 2008. I would love to have at least $10000 in the bank at the end of next year.

    Oh, I know my receipts are right. It’s just my bad money management that’s a problem.

  8. Robin Bal says:

    Hi Christelle,

    Thanks for your comment. To achieve your objective in 2008 all you have to do is, pay yourself first. Item number one in your budget should be to pay yourself $800 each month and put it in some kind of compulsory deposit scheme where you don’t have easy access to it.

    You are not the only one who is bad in money management, don’t put off till 2008 what you can start today. Good luck.

    Take care and cheers

  9. christelle says:

    Thanks, Robin Bal. Will take that into consideration.

  1. September 24, 2007

    […] Do You Keep A Close Watch On Your Bills? from Robin at Fortune Watch […]

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