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Common Money Mistakes People Don't Notice
By: Emily Morgan   |    August 9, 2012   |   0 Comments (0) (0)

We deal with monetary matters every day of our life, use various financial services and options, like credit cards, payday loans and check cashing tools. However, in most cases consumers make financial mistakes they could easily avoid. So, it's preferable to follow the tips:

1. Check the history of your bank account. It's really important to check not only your credit reports, but also your bank account history. Why do you need to do this? Well, if you have ever bounced a check or abandoned an overdrawn account you will be definitely denied with the next attempt of opening bank account as there is a particular database that will be definitely checked by the bank workers.

2. Update beneficiaries on insurance policies and accounts. In fact, people didn't pay much attention to their beneficiary line until the face some major change of life, like marriage, divorce or the birth of a child. Though, experts advise to update the information each time opening bank account, 401(k) or life insurance policy.

3. Don't ignore the ways of lowering your property insurance. Well, some insurance companies really provide such offerings, though, depending on your insurance agency, your policy and agent, these proposals can vary a lot, however, it never hurts to ask.

4. Don't ignore your 401(k) or IRA. Keep in mind that if you check your portfolio and it turns out that your holdings are mushroomed in a particular sector, it's the very time to protect yourself from future fluctuations and to shuffle around your money.

5. Teach your kids about money. 

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