How many times have you found a glaring mistake on a bill, then spent hours trying to remedy the situation - alternating between an uncooperative phone rep and that dreaded hold music? Now, imagine how many small mistakes are on those bills that aren't as obvious. What happens to those? It might only cost you a few dollars to ignore them. But, it's your money; and a few dollars can add up.
As a working mom with a toddler, I'm familiar with the need to squeeze 48 hours into the standard 24. But, I have recovered close to $1,000 of my own money by catching and correcting errors. Some issues I had to learn the hard way. But, I also learned many effective habits that can save your readers time and frustration.
Let's assume nothing will go smoothly. Humans are fallible and those fallible beings then program computers that also make mistakes. No matter how much time you spend talking to representative X, you'll probably look at next month's bill and see the same errors. No matter how good your credit report is, one day a blemish might wrongfully appear. Maybe it's bad luck. Maybe it's the approach. So how do you maximize both time and results?
This week's tidbits surround ways to stop losing your money...
Number One: Look at your bills.
Sounds simple, right? But, at the end of a jam-packed day, it's the last thing on a busy woman's mind. The routine goes: open bill, see if amount is in usual ballpark, write check, stamp envelope, send off hard-earned money. If each bill goes up just a little, in six months, you may not notice how much extra money you're giving away. Instead, look over your bills for new fees, late penalties or charges you can't identify. Pay close attention to cell phone statements, especially if it says you went over your minutes.
Electricity bills are important to review. In some neighborhoods, electric companies don't have to read your actual meter. They can estimate your usage, and bill you based on previous months or the year prior. A few bills later, someone may eventually read the meter and your bills will even out. But, who wants to shell out an extra 20 dollars every month until then? That money could be earning interest or paying credit card debt.
Number Two: Buy a notebook.
Designate a notebook to bills. For each one, write down the company name, phone number and any concerns. Once you accumulate a list of grievances, set aside a block of time to call the companies.
My remaining tips are: keep track of all phone calls to companies, know when to ask for a manager, understand your health insurance policy, check your credit report and try out all purchases before the refund policy expires (including gifts).
Number Three: Keep track of all phone calls to companies
Once you have spoken to someone who agrees the fix your problem, it’s a pain to find out that that person never followed through and worse to realize you have no idea who the person was. Document all names, date and time of call and the name of the department you are speaking with, even when it’s an easygoing call. Do not be fooled!
Number Four: Know when to ask for a manager
While this is not always an effective strategy, there are many customer service representatives who are bound by their limited authority. Plenty of times customers are told that something can’t be done by a rep, only to speak to a manager and have their prayers answered. Save yourself the time. If after 10 minutes, the call isn’t productive, ask to speak to a manager or supervisor directly. If you get the run around, be persistent until you speak to a manager or leave a voicemail for him or her. Document the manager’s name, and ensure that you are speaking to a manager by directly asking, “Sir or Ma’am, are you a supervisor of XYZ department?” before speaking.
Number Five: Understand your health insurance policy
Some plans cover everything under the sun and there’s no need to worry. The majority, however, do not. Read your policy carefully and call the customer service line if you need assistance. Co-payments vary greatly depending on the type of physician you visit and whether they are on that special “list” of doctors that your insurance has. Certain conditions are not covered. And some hospitalizations require you to call within the first 48 hours of being admitted or they won’t pay. Before you use your coverage, flip through the book or make yourself a cheat sheet of what it does and doesn’t cover. Insurance companies have a lot of rules that allow them to avoid paying for services. Don’t overpay by hundreds of dollars a year because you didn’t read carefully.
Number Six: Check your credit report
No, this is not meant to depress you. I want you to look at your credit report to check for errors. The common mistakes are: showing a credit card still active when you’ve canceled it, showing that you still owe on a bill or collections when it’s paid, or showing a credit card that you never applied for. Go through at least once a year with a fine tooth comb and make sure you can identify everything on it. If not, you can dispute incorrect records through the agency from whom you ordered the report. If it hasn’t been too long, you can also call the lender, but all disputes will be investigated and you will receive an answer or remedy within a few months.
Number Seven: Try out all purchases before the refund policy expires.
Anytime you purchase something, take it out of the box as soon as you get home and make sure it works. The worst thing is to finally open a purchase the day after the refund period to find out it’s missing a piece or doesn’t work.
|
