In the excitement of nearing the finish line of paying off student loans, I almost made a little oops (and by little I mean big). We make payments through the lender’s website and it usually takes anywhere from 2-5 days to process the payment. We had brought in some extra cash last month from me working some extra days and babysitting, so we submitted a payment of $915.
A few days went by and I could still see our payment under the “scheduled payments” category. More days passed and when I checked the status again, there was nothing under scheduled payments anymore but nothing had been taken out of our checking account either. Confuse me? I thought maybe it was because I canceled auto-pay for the monthly minimum due.
–Side story: Our minimum payment required was $99/month. Since we had been paying so much in addition to the minimum auto-pay, our next minimum payment wouldn’t be due until 2016! So I canceled the auto pay. Man, I can’t imagine if we had to spend another 4+ years still paying off debt!–
Back to the main story…It had been over a week and still no sign of a payment. Dave got a paycheck during this waiting time, so we gave up hope on the lost payment and combined our usual $1,250 monthly payment with the additional $915. That’s $2,165.
About 3 days later, the $2165 payment went through…and so did the first payment of $915!
That’s $3,080 total.
AH! To top it off, we had just dropped $1,800 on tickets to Ireland for my sister-in-law’s wedding this August. Somehow we had enough in our checking account for the extra payment to go through & we didn’t get penalized. I know Dave Ramsey taught us to keep a cushion in our checking account for oopsies like this, but this situation still made me feel like the mother in 2 Kings- God took her small jar of olive oil and caused it to flow endlessly as her sons brought jar after jar to fill. Lots of big payments just went through our fingers and I thought we’d be broke for a bit, but we still seem to have more than enough. Praise God for providing the jobs Dave & I have and the abundance he’s given us to be able to make big loan payments, even an unplanned one. My lesson learned- be patient and don’t make additional payments until I know why the first one didn’t go through!
Have you had a financial oops before? Were you prepared for it?