- On November 9, 2015
- 0 Comments
- Fail, Finances, Habits, I can do better later
I have a stellar reputation as a tightwad in my circle of family and friends, something I’d like to not see tarnished.
However, lately, I have been an idiot. In the last year, I have wasted money in the following ways:
- Missed out on $300 bonus for opening new accounts at a bank by not making sure I had the right amount direct deposited in the right period of time.
- About $70 in interest by not noticing that said new bank dropped the interest rate on our down payment fund from 1% in June to .58% in July and .01-.09% for August-October. Had I moved all the money in that account to our credit union which consistently pays .95% on the savings account, I would have earned about $70 interest.
- $149.03 by not having my address updated on my auto-insurance. Somehow the company was selling me renter’s insurance in a new zip code, without updating the insurance on our cars.
- $169 on Quickbooks for a business that no longer needed the software.
- $217.80 on Quickbooks Bill Pay for the same business, and I never even asked for this service. They added it when I updated my billing information in May. I am going to dispute this, but since I’m no longer a customer, I’m not hopeful.
- Approximately $70 in library fees.
- $300 in money that my husband can no longer expense at work because we discovered the charges on a little-used card after the end of the prior fiscal year.
- $75 in bank fees with our old bank which we had failed to fully close down. They did refund these fees when I called. But still–sleeping at the switch!
- $110 in bank fees with our new bank, which I just caught and I will get refunded…but at the expense of an hour of my time.
- $69.44 in credit card fees because I simply forgot to a pay a card that didn’t offer auto-pay at the time.
- $12 in shipping fees to return something whose autoship I forgot to cancel.
This doesn’t include wasting money by eating out needlessly or in a way that is overpriced for the utility given, or all the food we’ve thrown out in the last year, or times when I’ve spent more on gifts because they were late and I felt bad. These are just things that happened because I haven’t been paying attention to my monthly statements.
I am going to try to recoup the fees from PNC, Quickbooks, and the auto insurance overcharge, but I’m not expecting 100% success.
Lesson learned: Simplify accounts held, form a habit of checking statements monthly, and stop doing business with any company that doesn’t correct their errors quickly and graciously. To this end, we are simplifying our banking (and probably moving from our current bank, because I just can’t take this many mistakes from one organization in ten months), canceling unused credit cards and moving down to using just one card for our household and one for my husband’s business expenses.
Next up: reviewing our life insurance. Do we have the right policies? Are all of our beneficiaries up to date? How about our retirement accounts?
Do you ever catch yourself wasting money because the idea of calling around for new insurance quotes every year or two makes you want to take a nap immediately?