Select a Site
Insights for Entrepreneurs

Why you should check the payments that leave your account

Money is a complicated thing. Often, people spend all of their time trying to ensure that they have as much of it as possible, but they forget to check what happens to their money after it lands in their bank accounts.

Though it’s easy to assume that the money in your account is safe and secure, it’s often a good idea to make sure that you keep track of your spending. After all, there are so many ways that you can lose sight of your cash. From dangerous crimes such as fraud to payments that you don’t know you’re making and even accidental spending, here are a few reasons why you should always watch what’s going on in your account.

 

Do you know all the payments that you’re making?

 

If you had to sit down and make a list of all the things that you spend money on each month, would you be able to? A lot of people have a general idea of where their money goes after every pay cheque. For instance, most of us are constantly spending cash on rent or mortgage fees, gas and electric, water rates, car insurance and more.

 

However, there could be money going out of your bank account that you don’t know about. For instance, when you applied for a loan, you might have been charged Lloyds PPI without realising it, leading to an extra drain on your finances. Alternatively, a service that you’ve used for years could suddenly change its terms and start charging you extra for things that you don’t need. Make sure that you know exactly which payments you’re making and why.

Originally posted 2017-07-10 12:54:00. Republished by Blog Post Promoter