6 Benefits: Stay On Top Of Your Money
If you don’t stay on top of it, it will burn before your eyes
#1: Prevent fraud.
It’s more likely someone you don’t know who will open a credit card in your name, but it could be someone you do know, too — be wary. In either case, you must monitor your credit profile to catch irregularities that could cost you and your credit profile for years.
Each year, credit fraud instances increase.
Credit card fraud statistics to keep you aware:
35.8% of all card payment fraud losses occur in the US.
Nearly 1 in 4 digital interactions in 2020 was a fraud attempt.
Out of every $100 spent with a bank card, $6.81 was stolen in 2020.
Stolen credit card details trade for as little as $5 on the black market.
People aged 30 to 39 suffered the most from credit card fraud in 2020.
In 2020, over $28.5 billion was lost worldwide due to payment card fraud.
In 2020, The Federal Trade Commission paid $483 million to credit card scam victims.
Gross losses from card fraud transactions are expected to exceed $49 billion by 2030.
Sources: Nilson Report, Federal Trade Commission, Forbes, Arkose Labs
#2: Mitigate the damage of fraud QUICKLY.
When you stay on top of your money and monitor your credit report frequently, if there is an error, you can fix it quickly instead of allowing it to linger due to negligence.
#3: Ensure your bills are paid on time.
Even if you have automatic payments set up, sometimes they get blocked or don’t fully process for many reasons.
What if one of your blocked payments is a student loan, credit card, mortgage, or car payment? Often, you’re screwed, and it will show up on your credit.
Always check to ensure your payments are successfully processed, so you don’t have to pay for your mistake for years to come by blotching your credit profile.
#4: Ensure income is deposited on time and in your account.
Have you ever had income you know was coming in, except it didn’t come in?
It’s happened to me before.
Even the payroll team at the companies we work for still sometimes make mistakes with our paychecks. Check to make sure you’re getting paid appropriately and on time. You’re sacrificing your time, so make sure you’re paid for it!
#5: Ensure everything you buy and DON’T buy is accounted for.
Do you see a sketchy transaction on your account? Maybe a subscription double charged you; your dining bill is higher than it should be, you got a weird overdraft fee, or a store charged you for something you didn’t buy.
Always check to ensure your transactions add up to what you buy. I’ve had places charge me more than I was supposed to pay several times.
I’m sure it’s happened to some of you as well. Often, it’s an honest mistake on the other parties, but sometimes it is not, and people are testing to see if you will notice the discrepancy.
#6: Be confident in your finances.
“I leave the money stuff to X person.”
Oh boy, I’ve heard this one before.
Word of advice, don’t leave your money stuff to anyone.
Instead, educate yourself on money and take ownership of your finances.
You never want to end up broke because someone mishandled your funds. But you also don’t want to end up without the person who handles your finances and have no clue what to do with your money.
It’s okay to be uncomfortable with the subject of money. None of us came out of the womb masters of money; we had to learn, and many of us taught ourselves! You can do the same.
Financial ignorance is not bliss. It’s better to be in the know, or else your money will disappear before your eyes.
This article is for informational purposes only. It should not be considered Financial or Legal Advice. Not all information will be accurate. Consult a financial professional before making any significant financial decisions.