| Recently I had a misadventure with my money. My | | | | bank account for six months to the tune of close to |
| automobile insurance company called a a couple | | | | $1,000. |
| months ago to let me know that they wanted to | | | | Monitoring your money is a simple personal finance |
| give me a deal. I could change from one company to | | | | basics we all need to take care of. It's easy to make |
| a new one and it would save me $30 a month. It | | | | a mistake like this and this is the type of error that is |
| seemed like a no-brainer to make the switch. Those | | | | totally avoidable. I was both angered and slightly red |
| are the personal finance basics I like. I signed the | | | | faced about this situation. 'How could I let this |
| paperwork and left it at that. Having a spotless | | | | happen?' I kept asking myself on the route to clear it |
| driving record pays for itself. Normally I would | | | | all up. I've always known how to manage my money |
| recommend that you take care of these kinds of | | | | since I had my paper route when I was a young |
| contracts well before they call you, because let's | | | | teen. I have never had a negative balance in my |
| face it, they will try and avoid giving out deals if they | | | | account. The biggest peice of advice I can offer is to |
| can. | | | | always check your dormant accounts. Even if there is |
| I was thrilled. I had been using an older savings | | | | a balance of zero in the account, a person with ill |
| account from which my old insurance was being | | | | intentions could either steal valuable information about |
| withdrawn and decided to use a new account for this | | | | your identity or they could steal deposit bogus |
| new insurance company. Mistake number one. I didn't | | | | checks and then withdrawl that money before the |
| check the old bank account. I more or less forgot it | | | | check clears. |
| existed. The simple plan was to assume that all was | | | | I'm happy to say that my insurance broker |
| well and planned to let the minute amount of money | | | | apologized and rectified the situation immediately. |
| in the account collect a couple cents worth in interest | | | | Things could have been worse. Much worse. As I said |
| every week or so. | | | | earlier, for the same amount of time a person with ill |
| Fast forward half a year. My bank calls to let me | | | | intent could have taken out massive amounts of |
| know something is wrong. I have an account that is | | | | money without me knowing and I could have been |
| in a negative balance by almost $500. How can this | | | | left to foot the bill. My advise to pay attention to |
| happen? I always pay attention to what I buy and | | | | your cash is easily the most simple of the personal |
| budget my finances accordingly. When I saw the | | | | finance basics to follow. If you have a unused |
| statement from the said account the issue was | | | | account close it. If you have a credit card you never |
| strikingly clear. The old insurance coverage plan had | | | | use, cancel it. Your hard earned money can disappear |
| not been cancelled by my broker. They had | | | | if you don't stay on top of it. |
| continued to withdraw money from the old dormant | | | | |