A new year is a great time for new habits. Annual auditing of all accounts is mandatory to your family’s budget. Unaccounted for funds!?! Yes. They might not be black and white—noted on statements but they might be lurking around! Sometimes when we are not organized and/or closely monitoring accounts, we miss out on figures that could work in our favor and others that might be working against us.
Let’s examine each account this year and decipher how it is working in our favor and how it might meet our needs better.
- Direct TV. My family (Litsa’s) uses this satellite provider. The bill has been creeping up dollar by dollar over the course of the year. It is time to revisit what we are paying for and calling Direct TV for a possible monthly fee change.
- AT&T. My family (Litsa’s) still has a landline. I love the option of craddling a phone to my ear and talking to my mom and girlfriends for hours. The international calling plan saves us money too. What cons out weight the pros!?! Is your Internet service through the same company—are there bundle options!?! Is one company cheaper than another?
- Insurance. Automobiles, life policies, etc. Are your accounts current? Are you overpaying? What is your current deductible? Know more before life unravels in the coming year—be prepared by being knowledgeable about what you are paying for this year.
- Investments. Do you have an emergency fund as you foresee the year’s events—braces, eye exams, new tires, etc.? Are you saving for a college fund but need to balance bill paying? Know more—begin with the end in mind!?!
- Checking. Direct deposits and withdrawals—monitor each transaction—are they up-to-date?
As you find yourself making goals for 2015 and making a to do list to tackle those goals, monitor and adjust as needed! But don’t forget each account audit….
Once you touch and handle the account’s auditing, make note of it with the date and/or any current changes. Go through those accounts that you handle monthly first. Then, when you receive an email and/or a bill, statement, etc. of an account that has long been forgotten, make note to handle it next. Terminate any open ended accounts that you don’t use. Touching each and making appropriated changes/notes will help you and your family in the future when you least expect these organizational strategies to work in your favor.
Happy Account Auditing in 2015!
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