I’ve had a very stressful last couple of weeks.
Normally, my check gets here between the 10th and 12th of the month. That came and went with no sign of the check. I remained calm(ish) because we had some padding in the bank account. But each day without a check heightened my worry.
The last time this happened, I emailed my boss on the 15th and of course the check showed up the following day. I was embarrassed and didn’t want to do that again.
But when the check still wasn’t in the batch of mail on the 16th, I was completely stressed out. Two of our three credit card bills are due on the 18th, and even if my check arrived on the 17th, it wouldn’t clear in time for me to make the payments. (It has to clear my business account, then I have to write out a paycheck for myself, then that has to clear.)
So we were officially in trouble. I emailed my boss, and it turns out that there had been an error. My check has never been run. He apologized and put it in the mail that same day. But I was completely freaked.
Of course, we have savings. But I didn’t realize until the 17th that, duh, I’d need to transfer the money in, which takes two days. Did I mention our credit cards were due on the 18th?
Luckily, the two cards’ balances were quite low. We mainly use the Citi Double Cash card these days. I was able to pay those balances with the padding left from the previous month’s money. But that left us with almost nothing while we waited for money from the Capital One 360 account to transfer.
So the 18th was a very fraught day for me. Partially because I’d had to transfer two-thirds of our savings in order to cover the Citi bill, which was due on the 22nd. Seeing the savings account balance plummet is always enough to make me unhappy and anxious. Logically I knew that it’d be replenished soon, but I was still a tense mix of worried and bummed out.
Still, it’s a good thing that I did the transfer. Thanks to the weekend, the check didn’t arrive until Monday the 21st, There would have been no way for me to cover the Citi card by the due date.
I’m happy to report that the drama is now over. My check has cleared, as has my paycheck to myself. I’ve already scheduled transfers to our various subaccounts and paid the mortgage, so I’m done worrying for the month.
And as a balm to soothe my worried soul, savings is even going up to $4,300. That’s relatively close to the baseline of $5,000 that I want to keep in the account at all times.
So in the end it all worked out, but it was harrowing as hell.
Have you ever had a late paycheck?