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Making Cents of Your Money

August 27, 2012

Why is it Important to do Financial Research?

While I am a seasoned finance professional and a seasoned blogger to boot, I still enjoy reading the pesronal finance musings of other bloggers.  It’s always interested to get a different take on other views and perspectives, and you just might learn something new in the process.  Though one idea I will never quite grasp is the “set it and forget it” approach to your financial dealings.  You have these debt reductions junkies that talk about spending less and saving more, and at the same time they want you to automate your finances and just put bill pay on autopilot.  What if you’re being overcharged?  What if you are being charged for something that you didn’t even purchase at all?  Sometimes the best way to save money is to simply pay attention!

A little bit of financial analysis can be profitable, and I can illustrate just how profitable.  My cable bill recently skyrocketed because my so-called one year promotional period had just ended.  A quick check of my cable bill, and a slightly longer phone call, and I had lowered to less than the payment I was making previously.  According to a recent statement, my bank charged me a fee for an overuse of debits on my account, a quick inquiry with my bank representative revealed that they offered a higher interest earning account with no fees, I simply had to maintain an insignificant balance throughout the month.  Car or vehicle insurance is an absolutely legal necessity in my state, and there are several dozen companies from which to choose.  If you call and rate check the different companies every once in awhile you might  be surprised to discover how much money you can save annually.  Their rate and risk calculations change so frequently, the cheapest company one year may be one of the more expensive one’s the following year.

 

Filed Under: Banking, Budget, Credit

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