Having wealth is not just about getting more and more; it is also about taking care the resources you have. If many of us were honest with ourselves, we would admit neglecting our money, leaving it in accounts and presuming that it will take care of itself.
Yahoo’s “3 financial mistakes you don’t know you’re making,” discusses why it is not enough to pay bills and stay under your credit limit.
Monitor your credit reports. Do you intend to get your credit reports but just don’t get around to it? You aren’t alone. Whether it’s a fear of seeing how the scores or the assumption that viewing our credit scores won’t make a difference, many of us don’t check and this is a mistake. You want to know what your credit scores are so you can improve them for better interest rates. You also want to verify that your credit reports are correct and make sure you are not a victim of identity theft.
Monitor your banking statements. While you may be thinking that reviewing your banking statements is just one more thing on a long list of things you should be doing, remember that it is up to you to look after your financial wellbeing. Have you received communication from your bank stating that a mistake was made but that it has now been corrected? We have. Financial institutions must abide by the law and in many cases have to notify you of errors or changes to your accounts but they are not obligated to help you with financial planning. It is up to you monitor your accounts so you can catch errors or plan for account changes.
Keeping up with your finances does require effort on your part but it is well worth it. After you get in the habit of monitoring your credit report and banking statements, you may want help with strategies to secure your financial future—this is where a Fee-Only financial planner can help.