One of the things that I consider most important about saving money while shopping is to make sure you check your receipts. I can’t tell you how many mistakes I’ve caught with either the cashier typing something in incorrectly, or an item not ringing up on sale when it should have. Nonetheless, it’s a pretty important step to ensure that you are saving the most money possible whenever you’re buying groceries or goods.
The other day I was at work and decided I was going to use some snowflake money to make a principal only payment on our mortgage. I told the teller that I’d like to apply that to principal only, gave her the check and payment slip, and went back to my station. A few minutes later, she brought my receipt back. I looked at it and realized that it said “regular payment”. I told her of the error, she corrected the mistake, reversed the transaction, and applied the funds as principal only. No harm, no foul.
But what would have happened if I didn’t catch that? It wasn’t a lot of money, but the point was that I am making an effort to pay a little bit extra on the mortgage to reduce the interest I pay, and the term of the loan. It’s not only the financial aspect, it’s also the emotional aspect that I feel good that I’m making an effort. My efforts would have been in vain had I not caught the mistake. I’m glad I double checked my receipt.
Moral of the story: check your bank receipts after conducting transactions. We all make mistakes. It’s better if you catch it in the beginning though!
Do you always double check your bank receipts?