No one truly wants an IRS audit of their finances, but some financial analysts are saying with inflation still posing an issue for Washingtonians, and frankly most Americans, people should want to audit themselves or their bank accounts.
It’s a moment to take stock of what you’re spending and see how you can save.
KIRO 7 spoke to the Better Business Bureau of Washington, which said that we should all be looking over our accounts since we need to see what we’re spending.
Inflation has raised costs for everyone in the state, but exactly how much more you’re spending can only be figured out with an audit of accounts.
From a budgeting perspective, the audit can only help you see where your money is going. The other side of the audit is that you could spot fraud that may be happening with your accounts, since people with your info can often start spending as if they are you.
Roseann Freitas of BBB WA says an audit can give you the info you critically need.
“You don’t know that until you start to go into your statements to look if someone is using your cards. So it’s two-fold. One, it’s helping you on the budget side, but two it’s making sure you don’t have any unauthorized charges on your credit card,” said Freitas.
Budget recommendations from the BBB include:
• Calculate your income.
• Track your spending.
• Categorize your spending.
• Set up a budget.
• Choose a budgeting system.
• Pay down debt.
• Pay bills on time.
• Contribute to your retirement.
• Save for the big things.
• Build an emergency fund.
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