Though I’ve been reading and writing about money for six years now, I still do stupid things sometimes. Most of these errors are un-interesting — it’s the compulsive spending that’s interesting, and I seem to have that under control — but sometimes it’s instructive to look at the mundane mistakes I make, like shopping while hungry.
Well, last week I made another relatively un-interesting mistake, but one that’s educational at the same time. Since it’s typical of the dumb things I do from time to time, I want to share it, and talk about why I’m not going to let it bother me.
The Importance of Routine
Because I know myself and my forgetful ways, I’ve tried to create routines around many basic financial chores. (Learning how to outsmart yourself is a great way to make behavioral change.) For instance, I’ve automated most of my bill payments so that I don’t have to worry about forgetting to send a check. Plus, I sit down for 30 to 60 minutes every weekend to work on my finances. Doing this prevents me from losing track of what I have and what I owe.
These routines help me, but they’re not perfect. Even with rituals in place, I sometimes make mistakes.
For instance, last weekend I did my month-end financial chores: I paid credit card balances in full, I prepped my bank deposits, and I wrote checks for upcoming expenses, including my rent. On Monday I mailed the bills and made a deposit. Done deal, right? Wrong.
On Thursday evening, somebody slipped a note under my apartment door. It was a notice that since my rent payment was late, I owed a $75 late fee. Say what? I knew I had written the check, but I verified everything in Quicken anyhow. Yep. Bill paid. Plus, I remembered taking the check downstairs with me when I went to pick up a package at the office. And the final proof that I’d paid? I couldn’t find the check anywhere. I must have made the payment.
But a quick check with the rental office revealed they’d never received the check. Where was it? Eventually I discovered it neatly tucked between two pages in my checkbook register. Alas, a typical J.D. mistake.
A Philosophy of Failure
A few years ago, I would have been angry at myself for making a mistake like this. Of course, a few years ago I wasn’t as financially secure as I am now. But more than that, I didn’t have the experience, the maturity, or the wisdom to cope with financial failures, even small ones. Now I can view things more objectively. I’ve developed a system for responding to small financial mistakes. Namely, I:
Another reason I don’t let small mistakes bother me is that I’ve come to recognize that all these tiny errors, while annoying, actually make me a better person. These little failures are the price I pay in order to find success. I mean, Get Rich Slowly would not exist if it weren’t for the hundreds of small financial mistakes I’ve made in the past.
And that’s the thing: A single small mistake is no big deal. It’s when these small mistakes compound or become habitual that you get into trouble. I used to be the sort of person who allowed mistakes to compound and to be come habitual. It was a disaster. But I’m not that guy anymore. Sure, I’m human. I do make mistakes, but I try to learn from them so that they aren’t repeated in the future.
This article is about Psychology, Real-Life
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