Who would expect that a movie will inspire me to write about how to save money.
Saturday night is a family movie night and we usually pick some sort of action blow in the head movie genre (a.ka. Die Hard type, if you know what I mean). But tonight we picked - THE RAINMAKER (because my teen recognized Matt Damon from Bourne series) so like other famous Grisham titles, as expected, the plot is centered on a lawyer's case - -( and interestingly - -a Memphis connection. Hmm, did he also used Memphis in THE FIRM ?)
This movie is about insurance claims and I am glad we chose this as it gave me a personal realization on the value of reading fine prints in our mails to help save money.
Where do we start?
Ask yourself if you are one of those lucky recipients of 4 to 5 mails from your friend USPS guy everyday? If yes, do we need to start paying attention to the details as not all mails may be considered as junk mails? If so, Here's a short list on where we can start:
HEALTH INSURANCE: If you are getting your insurance through your employer, typically at the start of the year, the health insurance company (i.e. CIGNA) will send out confirmation summary of your benefits (in addition to slips you get from your company). Make sure you read the coverage and ensure that it matches to what you have signed for (coverage, monthly payments, out of coverage, out of network and copay). They also send quarterly mailers out on notification and a standard account summary when you visit your doctor/dentist. Make sure you file the mailers as sometimes, they combine announcements and it will go unnoticed. If you have not received anything by now, check with your human resource department for required information update or if changes are necessary.
CREDIT CARD STATEMENTS: Not only should you check the details on your monthly account activity but also the percentages rate set to your account. I do not keep a credit card balance so this should not be a problem for me, but if you are in a situation that you are paying off multiple cards, be certain that your bank is diligent in notifying you on any changes to percentage rates . When you apply the rule of accumulation, a point change marks a big difference. Call your bank card and ask for updated rates mailed to your email account, and while you are at it..consider asking for the manager and try to negotiate for a smaller interest rate.
CHECKING ACCOUNT: We always assume that we have enough cash to cover our bills, but it's worth checking how much do they actually charge for potential overdraft. Your bank may send a mailer to announce potential changes, but this may go unnoticed in your mail and/or those smallest print invented. It's always worth checking every 6 months to make sure you are updated with your rates or any unauthorized activity. I remember one time when my bank charged me $35 for an overdraft on a $120 check when I have sufficient amount to cover 2 months worth of mortgage - - sometimes there are system errors, so make sure you check your statements (weekly, if possible).
USE OF ATM: This is what I hate most. Why will they charge me for $1 or $2 when my bank is in network? Read the fine print of where your bank has networks and only withdraw money at locations where you don't get charged service fees.
BENEFIT PROGRAM (Airlines, hotel, mileage etc): They get tricky nowadays. Wake up and read the news - -airlines have been merging, hotels have been buying each other out, multiple companies are up for acquisition- -- so don't throw out those mailers where they make those little formality announcements to their corporate activity. Recently, Delta and Northwest have merged and I threw out a mailer where they were recommending to move over my Northwest miles to Delta or they will forfeit it. Good thing, Dr. D hubby reminded me otherwise my 70,000++ NW miles will be under the drain right under my nose.
CAR INSURANCE: Another mailer I hate but worth reading. Car insurance companies are getting more aggressive to get your business, so make an effort to be updated on the offer and place them in your tracker as the information may be handy at the time of renewal.
STOCK BROKER: If you are into investing, they send quarterly updates on your portfolio. But recently, they may be desperate for more investors as they are offering freebies for new forms of investments (i.e. roll over, trading etc). Take advantage of this offer!
STORE COUPONS: JC Penney , Dillard's and Macy's regularly send us coupons during our birthday month. Be sure to read the expiration date on the gift coupon to maximize the free offering to your advantage.
CREDIT CARD/BANK OFFERS: Discover Card /American Express/ Gas Cards love sending us mails? They are so desperate to get our business that they are throwing freebies left and right! I am a bad target as I don't like to carry additional card so I kept trashing out the offer. But do check out those mailers and corresponding offer dates as they may help you save money specially when you are considering consolidating your accounts.
OTHERS: Magazine subscriptions, online store offers, club memberships etc. -- Maybe I should start reading them out before I throw them out - - who knows..
BOTTOM LINE: There's nothing to lose by investing 3-5 minutes to go through your mail everyday. There's more at risk if you let an opportunity passed by.
