Time for spring cleaning: Trim back those messy bills

Three-quarters of Canadians aged 18 to 29 review their banking or other financial statements monthly, according to a recent survey put out by the Financial Consumer Agency of Canada.

Those who do not review their statements each month gave a number of reasons why — among them the fact that they were just “too lazy.”

Laziness and lack of interest when it comes to your bills could be costing you hundreds, if not thousands, of dollars every year.

Make it a must to look at every monthly bill, whether paper or electronic, even you just have a quick scan.

After doing this in the early days of our money group, one of the Smart Cookies realized she was paying a monthly fee for what was essentially credit card insurance. You too might have been sold on this type of insurance when you first received your card.

This type of insurance is designed to protect you from outstanding credit card debt in the event of job loss, disability, critical illness or death. Now, some people may certainly benefit from this type of insurance. Our Cookie, however, certainly did not.

What’s worse, she realized that over the years she had actually paid out just under $2,000 for this service. Had she not scrutinized her bills, she would still be giving this money away every month. 

Phone bills are also notorious for having mistakes. Whether it’s double charging for text messaging, charging for services that should be free, or calls you didn’t make, a once-over will usually result in your finding an extra charge.  And yes, you might look and say it’s only a few dollars here and there, but all those little charges add up.

Almost everyone has online banking these days. It’s a quick and easy way to review your bills. And for the bills that come in to you through mail, it’s important to have a designated spot for these documents.  

Visit the forum at www.smartcookies.com for more on creative ways to cut your bills.

Questions for the Smart Cookies can be emailed to smartcookies@metronews.ca.

– Tune in Monday nights at 10:30 p.m. EST/PST on the W Network and be sure to visit www.smartcookies.com for more tips.