Author: Tim Lemke / Source: Wise Bread
They say the devil is in the details. When it comes to your finances, this can certainly be true.
Each day, we have the potential to lose money simply because we aren’t paying attention. We pay too much for items because we don’t notice how much they cost. We lose money in fees or other charges because we don’t read the fine print on documents.
We may think this lack of attention to detail costs us just a dollar here or there. But this carelessness can ultimately represent a great deal of money lost over time. Let’s examine these ways that being detail-oriented can improve your financial situation.
You’ll know a good deal when you see it
If you pay close attention to what items cost, you’ll know when you see a good deal. Even if you are not shopping for a specific item, take time to look at its price. That way, when the time comes to make a purchase, you’ll have a sense of whether you may be overpaying. If you are keenly aware of pricing, you may learn which retailers consistently have the best deals and which stores to avoid. Depending on who you buy from, you may be able to automate this process by setting up price alerts via email or text. (See also: 10 Shopping Mistakes Even Smart People Make)
You’ll notice when a cashier makes a mistake
I used to work as a cashier at an office supply store, and I was not particularly great at it. At the end of the day, I often learned that I had made mistakes when giving change to customers. Few customers ever noticed the errors, so it was their loss. When you pay cash at a store, be sure to count your change before you leave.
Take care to remember which bills you used to pay. If the math doesn’t make sense to you, don’t be afraid to let the cashier know. In addition, be sure to review your receipt to ensure you weren’t accidentally charged more than once for an item.You’ll know whether you’re paying too much to invest
When we invest, we often pay attention to prices and the basic return on investment. But do we know how much money fund managers takes out as expenses? Are we cognizant of what commissions we pay each time we trade? These costs can take away several percentage points from our overall returns, potentially costing us thousands of dollars over time. To get the maximum return on your investments, it’s wise to examine their overall rate…
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