In my work as a Daily Money Manager, I meet with people who have set up auto-payments on their credit cards and have no idea about the source of several charges. In an audit of 20 new clients, I had only 1 that did’t have a variety of charges on their credit account they couldn’t explain. As we investigate those charges, they realize they were for things they don’t use, or worse, never recalled subscribing to.

This is the “set it and forget it” option.

What’s the harm? Over the course of a year, it’s typically over one thousand dollars. In a few cases this year, I had clients who it was costing several thousands dollars a year. Charities, face creams, supplements, a shipping service, iTunes/App subscriptions … it’s easy to get lost in the list of charges. The scammers are crafty.

The most frustrating are the charities. I find that many clients don’t realize they were giving to a charity every month. This usually happens to those that respond to phone solicitors. Somewhere in the conversation, you might have agreed to make the donation every month.

You hate to tell someone to cancel funding a good cause, however, many of the people I work with need to focus on funding their care for the rest of their lives, and that few hundred dollars a month can make a big difference over the coming years.

I get it! Life is busy. I have set up and use auto-debits, but in particular for credit cards, I set it at a modest amount so that if I miss the payment, I have at least met the minimum payment. This forces me to review my bills every month to make sure no nefarious charges are showing up. If I don’t recognize something, I call the phone number that is listed on the bill.

If you see something, do something!  In the end, you will be rewarded for your efforts. It’s up to you to keep a close eye on your credit and finances, if you don’t, someone else may!

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