Quick Tricks Tip #:2

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Our second quick trick tip focuses on spending patterns and money management. No matter whether you are or are not an individual that proactively manages your own finances or participates or you rely on someone else, one quick way to a sure that you maintain some transparency is to utilize some form of money management system such as Mint. And even if you haven’t up until now that’s okay because these systems still can actually backload previous data. See data once created, can never be destroyed as it is always recoverable in some way, shape or form.

What this does in utilizing such a tool is to help us look not only account by account but it gives you a high-level perspective across all the accounts at the same time. Whats great is that you are able to identify and uncover irregular spending patterns, questionable transactions etc. Watch

let’s look at a scenario hypothetically : your wallet is stolen and an individual goes in a store or lets say a nursery for arguments sake, now in your wallet you have multiple credit cards to use for a payment and one thing we tend to forget is a merchant can accept credit cards and split your total purchase across several of them. Now we would not immediately look at a nominal charge on a statement the way we would look at a very large dollar amount and that’s where these money management software come in because they allow you to look from a high-level for transactions that occur the same day but on separate accounts from the same merchant and even allows you to do the same for even your banking transactions. This way you can look at multiple debits, credits, electronic payments, bill payments, account transfers, teller transactions, ATM transactions, telephone checking transactions, any and all which are conducted on the same account over the course the same day or several days or so forth and also match up trends of what goes in and what comes out.

Youre going to want to have a system where you can also certainly track various milestones or life occurrences almost a diary if you will and there are systems that do contain the same.

Personally for most of you that know me I use Facebook as that diary whether it’s my postings, it’s photographs, that have times and dates that are posted to it but in general with this comes into play the advantage of being able to match up questionable expenditures with trends and being able to match it to some type of recorded event or in some cases be able to look at a transaction and question it with merit because perhaps a time and date don’t match up with course of documented events.

So if you have not as of yet, I certainly and strongly encourage the use of similar systems certainly having had one in the background all along that just needed to be updated has for me been a very fascinating and revealing eye-opening experience. I certainly know that it’s helped to bring context in many instances for which ive been able to build quite logical disputes to file with financial institutions which lead to opening investigations on your behalf. In the end using a system like this could mean the difference between a significant amount of savings or unknown monies that you should reasonably have coming back to you and help prevent acts of fraud or larceny.


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