Our $120 mistake!
So this Project Money process has taught us many things about how we manage our finances. And we have experienced a lot of success so far. But we feel it's important to share our not so successful moments as well. It's easy to get to miss things when you’re riding a wave of positive momentum.
I present to you Exhibit "I", as in I-pass. We recently took a trip to Chicago and forgot to put our I-pass in the car. We thought this would be fine since our car license plates were registered to our account. So of course we took the I-pass lanes all the way there and back! When we met with our financial coach, and started lining up all our accounts, we found an unplanned, unpleasant bill for $120! What happened? Our I-pass was connected to a credit card that automatically recharged our account so we knew there was money in there. Well, we had purchased a new car and didn't think to update the license plate.
The lesson here: Make SURE all your accounts are up to date. Even the accounts you don't use frequently or that are on automatic renewals.
Paying bills is not fun, but a necessary evil. Take the time to manage them properly so that the bill is ALL you have to pay. $120. So many better uses for that.