Posted by: saveafewbucks | September 4, 2010

The Cost of Financial Mismanagement

I hardly ever carry a balance on my credit card. That last sentence should say I never carry a balance on my credit card, but sometimes my PF organizational skills suck. No excuses. My fault.

PF mistakes I made these past three months:

1. Spending money as if I was employed – No explanation needed

2. Being unemployed – It was a mix of circumstance and personal choice

3. Guesstimating the payment required on my (former) line of credit – Instead of calculating what my line of credit payment would be I guesstimated an amount based on the last month. I don’t know what possessed me to do this, but it was done. Judge all you want. As a result, I didn’t transfer money that month to cover my LOC payment because I thought I had enough. The loan payment was only $7.11!!!! I only had $5.98 in that account, which then turned into -$34.02 with the addition of a $40.00 NSF fee. FML.

4. Paying credit card interest – Due to the financial mismanagement I blogged about earlier regarding my LOC switching to a loan, I didn’t have the funds to pay my entire credit card bill on time. I did pay the balance the day after it was due, but my mistake cost me $56.24. Eff.

Summary – I’m going to be drinking a crapload of homemade Arnold Palmers to make up for these mistakes.

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