Saturday, February 7, 2009

So much for being responsible

Well, I was planning on discussing (bragging) about how well my financial life has progressed. I am saving money per my goals, contributing to my retirement funds, spending less than I earn, paying my mortgage on time and generally being a good frugal gal. And then I accidentally authorized two electronic bill pays for my mortgage. When I figured this out, I called my credit union to cancel the transaction. They took care of it, but I did not realize there was a fee involved. However, my mortgage company sent me a letter saying I owed them $20 for the canceled payment. When I called, the woman I talked to informed me that they were just passing the fee the credit union charged them to me. Well, I just decreased extra mortgage contribution by $20 the next month.

Yes, I am so organized and pay all my bills on time. In fact, I happily subtracted the amount of my car insurance from my spending plan because I had allocated the money for this semiannual bill. Turns out, I was so excited about having the money, I forgot to send the company a check. I received an overdue payment notice. Yep, when I checked my check register, no check to the auto insurance company. I immediately sat down and wrote the check, making sure the payment went out the next day. Oh, and clean up all the paperwork that keeps piling up. That certainly does not help me keep track of everything.

What is the lesson here? Even supposedly organized and financially savvy people can do stupid things like pay the mortgage twice and forget to send a check to the auto insurance company. Other than costing me some money and my dignity, I am reminded that I need to keep on top of my other-than monthly bills and double check my online bill pay transactions.

Any stumbling blocks on your way to financial freedom?

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