Keeping an Eye on Your Money

Before taking a detailed look at your income and spending, you should first spend some time carrying out some important checks to make sure that you are not losing any of your money unnecessarily.

Bank Statements

Make a careful check through your bank statement every month. In particular, check that any automatic payments have been paid for the right amount, and that they have been deducted only once. Mistakes are often made.

If you have cancelled an automatic payments, make sure that the bank has stopped paying it. If they haven't, you have a legal right to have it immediately repaid without argument. If you find any mistakes at all, complain and ask for compensation from the bank.

Cash

It is essential to keep the receipts issued by ATMs when you withdraw money, and to check them against your bank statement. This will ensure that no one is using your card to make unauthorized withdrawals. This might not be an unknown thief, but a friend or member of the family. Even if you don't find any unauthorized withdrawals, keeping a record will make you appreciate how much cash you draw out every month - something that may come as a shock.

Credit Cards

Keep and check all your credit card and store card slips against your monthly statements. Read your statements very carefully to make sure you recognize all the entries, and particularly that none appear twice. It's can be quite common for mistakes to be made by credit card companies, and if you don't notice it and complain, no one else will. If you see something you don't recognize, contact your credit card company immediately.