Among the ways to shame people into paying more attention to their money is to question how much time they spend on matters of personal finance.
This leads to comparisons of how much time people spend on their finances versus watching TV, for example. In a recent survey done for a U.S. website, people were found to spend more than 85 hours a month watching TV – almost 100 times as much as the time spent on household finances.
To mark Canada’s Financial Literacy Month in November, let’s try something different. Instead of questioning whether people are spending enough time on their finances, we’ll look at how much time is actually required. Preview: It’s not that much; plenty of time for TV and such.
Banking and credit cards
Check your accounts online daily, or at least every few days. With cyberfraud an ever-present threat, it makes sense to keep a close eye on your accounts so you can notice unauthorized activity and report it immediately.
In your bank account, look for debits or withdrawals that you did not make. In your credit card, ensure all charges were made by you. Report any fraudulent activity to your banks and ask how quickly your losses will be covered.
According to the Financial Consumer Agency of Canada, financial losses that result from your card being…