How often do you take the time to review your bill statement before you write the check or pay the bill? Not too often, right? As we discuss money management and how to create a budget this month, one important issue must be addressed. As with all things in life, mistakes can happen, and credit card, cable, and medical billing companies are not immune to mistakes.
When a statement or bill comes through the mail, take some time to read through the charges to assure that no added fees have occurred or no changes to the bill have been made. If you are receiving certain credits on your bill, make sure those are being taken off appropriately. Also, make sure that the full payment was received and taken off of the total balance due. If there is something on a statement that you are not sure of, make a call to a company to discuss the charge. Many companies are quick to admit a mistake and will immediately reverse the charge.
Sometimes a phone call to a company can provide additional savings as well; perhaps there is a promotional deal available or a program that you can qualify for to assist with lowering the payment. Making a phone call and taking an active stance towards managing your bills proves to the company that you are in good faith trying to reduce the debt.
What steps have you taken to have a more active role in reducing your debt?
Creating and trying to maintain a financial budget for monthly expenses can be difficult at times. Some people have to adhere to a strict budget due to their financial circumstances, so maintaining a budget is especially important to ensure needs and responsibilities are met each month. Making a budget that makes sense to you and can somewhat ease financial concerns can hopefully support your monthly financial planning needs.
Here are some suggestions of what to consider when creating/maintaining a budget, and where to find help:
Create a budget that is practical for you to track. Make computer spreadsheets,
and file or record expenses on paper. Find an accessible way to track expenses that works for you.
Make a list of monthly expenses and income resources to identify how much money is coming in and how much needs to go out towards expenses.
Keep a record of spending and estimates of monthly bills to identify areas that can be modified, if any, to keep finances on track.
Reach out to financial management/budget counseling resources in your area for additional guidance and support. These agencies, sponsored under the U.S. Department of Housing and Urban Development Administration, offer services to help manage finances and provide additional housing and financial counseling services as well.
Budgeting finances can be difficult but necessary for many individuals. Ensuring financial needs are met can be stressful so it is important to reach out for support when needed and find a system that works for your needs. What are some ideas you have to help create a budget?