Ever since I can remember, I have always advised my clients that an important aspect of paper management and budgeting involves keeping an eye on your provider billing statements, your credit card statements and bank statements.

So many people do not take the time to look at the itemized bill or statement and that is a problem.  The tendency is to look at the total and just pay the bill or not even look at a bank statement at all and just file it away.  It’s important to understand that mistakes are made and if you do not keep track of your statements, the mistakes go un-noticed.  As a result, you could be getting charged for items you should not be getting charged for or you could possibly not get credit for payments made.

A perfect example of this was mentioned in the news this week.  It involves Verizon Wireless and how they charged millions of customers for services they were not receiving.  Verizon Wireless is now required to reimburse those customers a total of more than $1,000,000.

Verizon Wireless was banking on the fact that so many of their customers do not check their statements and just pay their bills based on the total.   It is your responsibility as a consumer to make sure you check your bills, credit card statements and bank statements each and every time you receive them to make sure they are accurate.  If you don’t, no one else will.

So, do you check your statements?  If not, start now.  The next time a bill or statement comes in the mail or is sent to you on line, take the few minutes necessary to make sure your statements are accurate. 

Until next time, have a great week.