Are You Paying For Not Paying Attention?

We all want to make more money. But what is the point in working hard to earn more money and then carelessly letting our hard-earned dollars slip through our hands?

Small business owners who think they’re too busy to keep track of expenses should think again. By not paying enough mind to what gets spent, companies could wind up with less than expected when the final tally comes through. Plus, if business managers don’t know how much they’ve been spending on standard supplies and services, vendors could hike up their rates without raising any concern – a hidden cost of not paying attention.

Vendors have been found to hike up their rates or add unexplained fees while you are not paying attention.  With technology being very progressive today, there are services where the cost has gone down. If you didn’t catch this, you would continue paying a larger price for a package that now is available for less cost.  The vendor typically would not call you to tell you that you can now get the same thing cheaper. But by paying close attention to everything you’re spending and what you’re spending it on, you can save yourself a ton of otherwise wasted money. You should take the initiative and call the vendor periodically and renegotiate.  A good rule of thumb is every three or four months is reasonable to review technology type services.

When was the last time you called your cell phone provider and asked if you could get a better deal? I just called my provider and learned that I could save $30 a month AND get unlimited data – That is $360 a year + over the limit data charges!

Cell phones have become so popular that most people just pay their monthly bills without thinking twice and wouldn’t even consider alternatives. But if you simply call your carrier and have them review your service plan, you can possibly save $20 – $50 a month. That adds up to $240 – $600 a year for the same or better service. The same strategy applies to your cable, internet, and insurance billings as well. Companies are very competitive these days; you can make that work for you!

Electric bills are an area that you may save. There are numerous companies now that you can get the same service but pay hundreds less. A good rep will help you by reviewing and educating you on how to read your electric bill.  It pays to shop for your options.

The same goes for insurance – this is a big area of increases that we ignore. I do caution you to get an agent that you can trust to give you an honest opinion on the coverage versus the value received. Many times they add a coverage you don’t need, but sometimes in switching for the lower price, you may be losing valuable benefits you are “grandfathered into” and it is not worth the savings of a few dollars. I just got a $50 a month increase on my car insurance and see that I have a new endorsement of “Mexico Coverage – Limited”. Wonder what that is about? Of course, I have a call into my agent to find out! At the very least, I will understand what I am paying for!

All these savings and you are getting the same service. It is not being cheap; it is simply being smart!

You work hard for your money. Pay attention – and you are sure to be getting what you need, not overpay and very likely to save hundreds, if not thousands of dollars!