We’ve all made money mistakes. Even the most squeaky-clean bank account has seen a few mistake purchases in its time. If we’re lucky, these issues iron out and serve as lessons. In extreme cases, money mistakes can lead to years of debt, or a bad credit rating which sticks like glue. However, unfair as it may seem, it could be that you are ACTUALLY paying for other people’s mistakes.
Am I serious? YEP! Many of us spend large portions of our lives paying for things we don’t owe. What’s worse, we don’t always notice it. So, if you’re still scraping the barrel, ask yourself if you’re guilty here. To make up your mind either way, consider the three reasons this might be happening to you.
You don’t check your bills
Too often, we fail to check bills and thus pay extra due to external errors. Whether computer generated or created by hand, every bill has a margin for error. A comma in the wrong place or an accidental addition could cost you. This applies to everything from utility bills to receipts. ALWAYS take the time to check the charges. Taking action when you see something unusual could save you money in a major way. Why should you pay for mistakes another person or computer has made?
Another reason you may be paying too much is because you aren’t shopping for cheaper options. For instance, you can check your auto and home and life insurance rates every 6 months to make sure you are getting the best price for your coverage. There is no need to pay extra just because your local agent got you your coverage, check your costs here.
You aren’t willing to fight…
Another primary reason for paying for someone else’s mistakes is an unwillingness to fight. Even those who spot errors on bills may keep quiet. But, addressing the issue could get your money back, if you are willing to wait on hold or escalate calls to supervisors or even file a complaint.
Another area you could fight is against liability decision in car accidents. A car accident which isn’t your fault, for instance, could soon lead to debt if you keep quiet. Equally, a collision with a semi-truck could leave you paying through the nose. But, as can be seen from articles like this one from www.PahlkeLawGroup.com/trucking-accidents/truck-blind-sports.aspx, the law for accidents against larger vehicles could easily be on your side. You just have to be willing to try to see what you actually owe and what you don’t actually owe.
You hand money over too freely…
Do you have those friends and family who constantly ask for money or always seem to not have any extra money on hand? Handing money over without question is another way to pay for other people’s mistakes. There’s a temptation to help struggling friends and partners financially.
But, as explained in this article, paying a partner’s debt isn’t simple. And, the same applies to friends. Over time, you could fast become a financial crutch for someone else’s lousy financial decisions. And, given that you’ve spent so long working on money management, that’s not what you want. So, be strict. If you do lend money, make sure you stipulate when you want it back. And instead of just handing over money, do it with requirement that they seek a financial coaching or management class, so that they can began to get a handle on their finances and actually change their situation.
There you have it… I bet you didn’t even know you were losing money paying for other people’s mistakes, did you? Which one are you going to look out for now? Add a comment and let us know!
Check out these great blogs for more tips and ideas for getting your life/work/money balance under control…
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