Do you reconcile your finances?

[John105]

Do you take the time to check all your credit card charges, checks, etc.?

I have to admit I only spot check. In over 30 years, I've really only come across maybe 3 discrepancies, other than outright fraud (most recently and oddly to the checking account via debit card [I never use these, no one should, and I never lost possession which is imho reflective of the bank being hacked]). They were always restaurant related and on the tip. Once, a takeout restaurant gave themselves a 25% tip which was not likely to be caught, but I did. Another time a BMW dealership charged me for a free loaner--what I hated about those scenarios is often there is damage or dirtiness if you will from a previous customer, and someone else gets caught holding the bag. Also it's because the car went out with some fuel level other than F, and fuel charges are applied, a really poor experience that spanned 2006-2020 (now my car is too old for a loaner lol).

My mom does check hers. 3 mos. later this year, she told me that we never cashed my son's gift for his first communion. I hate those scenarios, and my wife was on her own vacation with bffs. So I searched the house and found her card, and we never took the check out.

I did find a couple never cashed my check to them for their engagement present, and since we're not close, I didn't feel like contacting them out of the blue.

I do check this 5% gas card, to make sure it's accurate. Only gas earns 5% cash deducted from the statement each month. Any other purchases would earn 0%. Years and years ago, I would catch gas retailers coding the gasoline as a retail purchase (milk, condoms, smokes, etc.), and therefore not get the gas reward but a much smaller one. Never happened on the current gas card, it's always accurate.

Looks like this here. Imagine, over $15/mo, I would check? So, do you check and verify, or just let it go?

 

[Zee09]

I've had so many fiancee's I no longer try...
Just kidding of course

 

[JoelB]

I do everything through my debit card and manage my money on the app. No need to reconcile when I'm watching it daily.

 

[SaberOne]

Up until about five years ago, I was a tad loose and wild, and didn’t pay much attention. However, that all changed during Covid. Now my budget is tighter than a cats meow, and I now use a payment tracker app on my iOS devices. I record every single penny I spend, and work hard to close credit accounts with extreme prejudice.

 

[Zee09]

Up until about five years ago, I was a tad loose and wild, and didn’t pay much attention. However, that all changed during Covid. Now my budget is tighter than a cats meow, and I now use a payment tracker app on my iOS devices. I record every single penny I spend, and work hard to close credit accounts with extreme prejudice.

 

[RDY4WAR]

I also watch mine daily through my app. I much prefer to use a debit card because if my wallet gets stolen or lost, I can shut off the card and avoid any issues or get refunded if anyone used it. If I have cash, it's just gone with no way to get it back. I would much rather pay the extra service fee for card purchases than I would carry cash around.

 

[wander2039]

Yes, always have. Currently it's a spreadsheet. Gets kinda sporty sometimes with 4 CCs but it pretty accurate.

 

[hrv]

Do you take the time to check all your credit card charges, checks, etc.?

I have to admit I only spot check. In over 30 years, I've really only come across maybe 3 discrepancies, other than outright fraud (most recently and oddly to the checking account via debit card [I never use these, no one should, and I never lost possession which is imho reflective of the bank being hacked]). They were always restaurant related and on the tip. Once, a takeout restaurant gave themselves a 25% tip which was not likely to be caught, but I did. Another time a BMW dealership charged me for a free loaner--what I hated about those scenarios is often there is damage or dirtiness if you will from a previous customer, and someone else gets caught holding the bag. Also it's because the car went out with some fuel level other than F, and fuel charges are applied, a really poor experience that spanned 2006-2020 (now my car is too old for a loaner lol).

My mom does check hers. 3 mos. later this year, she told me that we never cashed my son's gift for his first communion. I hate those scenarios, and my wife was on her own vacation with bffs. So I searched the house and found her card, and we never took the check out.

I did find a couple never cashed my check to them for their engagement present, and since we're not close, I didn't feel like contacting them out of the blue.

I do check this 5% gas card, to make sure it's accurate. Only gas earns 5% cash deducted from the statement each month. Any other purchases would earn 0%. Years and years ago, I would catch gas retailers coding the gasoline as a retail purchase (milk, condoms, smokes, etc.), and therefore not get the gas reward but a much smaller one. Never happened on the current gas card, it's always accurate.

Looks like this here. Imagine, over $15/mo, I would check? So, do you check and verify, or just let it go?

View attachment 168782

Yes yes and yes....Everyday....

 

[John105]

Yes, always have. Currently it's a spreadsheet. Gets kinda sporty sometimes with 4 CCs but it pretty accurate.

One time I accidentally sent my spreadsheet to my buddy. When it happened I said hey I accidentally sent you my finances please delete it…thx bro. He said he did. It was an ongoing joke for 3 years….I’d ask him if he can update a line item or did you make a change it’s synced so it changed at my end, and he would say I really wish I hadn’t deleted it…I bet he didn’t in reality

 

[fisher83]

I use a written budget every month. No credit cards or other debt besides my mortgage and a cheap car payment for the wife. Ours are super easy to keep track of. Medicines, phone bills, etc. just auto bill to my bank account. I record items in my checkbook but I don't balance it. My auto billed stuff I just put in as an even number that's higher than the actual bill so my real balance is a fair bit higher than my checkbook shows as I have done it that way forever.

 

[John105]

I do everything through my debit card and manage my money on the app. No need to reconcile when I'm watching it daily.

What I had learned recently is that debit cards afford no legal protection against fraud. Credit cards you cannot be liable for more than $50. Debit cards you can be totally liable. That didn’t feel good because the financial institutions do not assume one didn’t make charges we claim we did not. So without reassurance that a debit I didn’t make would be reversed, I was somewhat nervous until charges were reversed. I never even activated the replacement, to bolster any statement by me regarding fraud to my debit card in the future. Terrible process, and this was Ally.

 

[joekingcorvette]

I have only 3 credit cards and a debit card and I check them every day and pay them online almost daily It only takes a few minutes and I cannot remember any discrepancies other than a restaurant added on a couple extra dollars. I very seldom use cash and like the points I obtain using my favorite card.

 

[PWMDMD]

I run the vast majority of expenses through just a few accounts and cards and I get texts for every charge. I see these throughout the week and sit every weekend and look everything over. I can’t promise a charge that should’ve been $56.78 and charged as $57.68 would get picked up every time, but it would most times.

 

[JoelB]

What I had learned recently is that debit cards afford no legal protection against fraud. Credit cards you cannot be liable for more than $50. Debit cards you can be totally liable. That didn’t feel good because the financial institutions do not assume one didn’t make charges we claim we did not. So without reassurance that a debit I didn’t make would be reversed, I was somewhat nervous until charges were reversed. I never even activated the replacement, to bolster any statement by me regarding fraud to my debit card in the future. Terrible process, and this was Ally.

This is where setup matters. I only carry and spend on a "shield" debit card. That account generally only has about $300 in it. My direct deposit and bill paying is from a different checking account.

Wells Fargo has been awesome the 2 times I've had someone try and use my card info. Immediately blocked charges and shut down my card.

 

[Tdbo]

Any purchase over $5. goes on a credit card.
I have a sheet of paper for each CC.
I record every purchase on the appropriate sheet for that card.
When I get the CC statement, I go through and justify every charge to the receipt (which I keep in a small accordion file) and check it against the sheet for each card.
I have caught errors several times, and have been successful in contesting and rectifying them.
I tend to not carry much cash.
I do it for the convenience of not carrying much cash, I do it for the purchase protection, and I do it for the CC awards.
Yes, I know how to budget, and I pay balances in full every month.
The only debit card that I have is for my HSA.

 

[atikovi]

I do check this 5% gas card, to make sure it's accurate. Only gas earns 5% cash deducted from the statement each month. Any other purchases would earn 0%.

You need to replace that card asap. Mine gives 2% back on everything and I average $50-$60 credit every month.

 

[skyactiv]

I audit my card transactions. I actually used cash for the first time in a long time last Saturday when I went to the county fair.

 

[John105]

You need to replace that card asap. Mine gives 2% back on everything and I average $50-$60 credit every month.

I do only use it for gas purchases so we are able to avoid rotating categories for gas. I wish we had a permanent 5% warehouse club card. I think costco is only 2%. I do use citi double for 2% unless there is a rotating category of 5%

 

[RooflessVW]

I do everything through my debit card and manage my money on the app. No need to reconcile when I'm watching it daily.

Need to ditch the debit card. Everything we do is through credit cards. At the very minimum, you have stronger protection against fraud.

But there are other benefits, such as cash back, reward points, discount portals, warranties on electronic items, rental car protections, etc...

 

[doitmyself]

What I had learned recently is that debit cards afford no legal protection against fraud. Credit cards you cannot be liable for more than $50. Debit cards you can be totally liable.

This has been discussed before. My credit union debit card has the same protections as a credit card. I remember the last time this was discussed, I called my credit union to verify it. How does this "no protection" idea persist?

"4. Know your fraud protection policy.
It’s important to know what your card issuer will do if you notice fraud on your account. For instance, every MSUFCU Visa Credit and Debit Card comes with Visa’s $0 Fraud Liability. This means that if your card or card information is stolen or lost, you won’t be liable for any fraud on the card."