Not having enough money can throw you into a pit of financial anxiety. But the opposite can be true too. Yesterday, I panicked because we appeared to have too much money.
If that sounds like an enviable problem… Well, it is and it isn’t.
The problem is that we have too much money in the secondary checking. It’s where we keep the money to pay various bills throughout the month, so too big a balance signals that I’ve forgotten something.
So imagine my freakout when I saw $2,000 in the bank instead of the usual $300ish. I desperately scanned the transactions in the account to find out how I’d screwed up.
The good news: No major bills were missed.
I did, however, forget to transfer Tim’s SSA check into the quasi-escrow account. Between that and the electric bill — which is apparently getting taken out later than usual this month — that explained around $920 of the extra moolah.
Another $180 is money we put on the credit card this week. I’ll be making a payment in a day or two. And tonight/tomorrow I’ll be transferring the next weekly lump sum in. That’s another $390 explained.
Still, that’s $740 in the bank, which was baffling and, despite my knowing better, a little panic-inducing.
But then I realized we have been spending less.
Tim hasn’t been eating much fast food (actually, much of any food) since his old dentures still don’t fit very well. That’s meant more groceries but fewer $6-7 value meals.
Also, the last three weeks have been rare respites from multiple doctor visits each week. That saves a fair amount, even with the relatively low $25 co-pay we have.
And Tim’s pain has been worse lately — especially the last five or so days. On Tuesday he could barely close his left hand. Add in his eczema flare, and you’ve got a very uncomfortable fellow.
This has the counterintuitive effect of making him use fewer pain meds.
When you’re at that stage of hurt, the best the medication can do is take the edge off slightly. So you try to just lie down and sleep. If you manage to doze, you’re less conscious of the pain.
Not to mention that the eczema flare is slowly getting worse. He should be able to hold out til his dermatologist appointment on the 12th. But for now he itches even more than normal and the rashed-up spots* are tender.
And since he’s hungry, exhausted and in extra pain/itchiness, we haven’t done much lately. There aren’t any movies he wants to go see. We can’t go out to most restaurants. And at least at home he can control how much padding he has to sit on/against.
So we’re spending less. Yay?
I wish it were under better circumstances, but I am happy about maybe having a bit extra in the account at the end of the month. Of course, this entire post could be one big jinx so…
Have you guys ever panicked over too much money in your account? Has your spending ever been lowered by something negative?
*Those being a 2″ strip from the crook of his right elbow up across half his chest, the crook of his left elbow, around both armpits, a bit on his neck, a 1.5″ by 3.5″ spot on his front right abdomen and a 2″ by 4″ spot on his right lower back. For newer readers reference, this is still only a minor to moderate flare by our standards.
I officially can’t relate to you anymore. 🙁
I’m sorry this post upset you. The point isn’t actually that we have “too much” money. It’s that I panicked because the balance didn’t reflect what I knew reality to be. The point was that alleged “extra” money usually just means I screwed up somewhere — often in forgetting to pay a bill.
In reality, that “too much” money was indeed mainly spoken for. Like my forgetting to transfer out Tim’s SSA check. That’s money we can’t touch for fear that the SSA will demand repayment. So it’s there — but it’s not actually ours. And the fact that $144 of the rest was simply because a bill hadn’t gone through yet. So again, money that’s there, but already gone.
Another chunk of money was simply the weekly credit card paydown that hasn’t happened yet. So again, it appeared we had money that we actually didn’t — thereby causing me to panic and think I’d forgotten something major. Which is just about the only reason we ever get “extra” money in our account.
And my other point was that what money we *do* have is due to horrible health reasons. Namely that Tim’s:
*Pain being so bad that he can’t do much of anything (therefore we’re not spending money)
*Pain being so bad that he’s trying to sleep rather than hope pain meds work (which leaves some money that was supposed to go to pain management)
*Mouth issues so bad he can barely eat anything (literally all he eats is muffins, crumbly cookies and soup), so he’s not buying any of his normal convenience food.
So again, I’m sorry that this piece upset/alienated you. But I think maybe you let the title color your perception of what I was saying. To recap: I was actually saying that I was/feared I was horribly disorganized, that in these situations the “extra” money rarely is, and that the extra money we do have is only because bad things are happening to Tim’s body.
I can relate , I panic when my checking account contains more money than my checkbook says. It sometimes mean i forget to mail a bill payment. Sometimes it means means my subtraction is wrong in my check book. Being disorganized with money can be disastrous.
Yeah, I think the first thought in our brains is always “Oh no, what didn’t I pay?!” Calming down and doing the math (sometimes for a second, more careful time) usually helps. Other times… eesh, we forgot to pay something.
Nearly every time I’ve had “too much money!” in an account, it was because I Screwed Up Big Time and forgot to pay a major bill. So yeah, seeing a big balance unexpectedly is often a bad thing, not a good one.
But I would be perfectly happy to relate to you in another plane of existence where you did have too much money because of good reasons and actually got to keep it all! That’d make your lives a little easier and boy howdy have you deserved a break.
For us, no matter how much we have, I doubt it’s enough/too much because I’m waiting for my dad’s inevitable health fail / decline and having to support him financially through that. It’ll probably cost in the hundreds of thousands, and if he needs full time care it will definitely cost that much. And you’ve got both of you to worry about for much longer than my dad’s remaining life span. Even if you hit $1M in savings, that goes really fast when we talk about medications, hospitalizations if things get that bad, help around the house. So hey. Too much ain’t really.
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Good point. When you’re realistic about health care costs, there’s rarely such a thing as a safe amount of money. And we’re not going to get anywhere near $1M. But yes it’d be lovely to deal from there. Like you, I’d probably still be a little panicky at that state.
Gah. What an awful way to cut back on spending. I’m sorry to hear about the health issues. This is a great reminder than money isn’t everything – in either direction!
Thanks, and yep, I think I’d rather have Tim out and about for a bit than his current state. But pain swings back into moderation after a certain period of time.
Oh, I know that feeling when you see more than you’re expecting in the bank account, and you rack your brains wondering what you forgot to pay. Not good at all. I have a fairly stable system for making payments, but life’s been a little more hectic than usual lately, and so I’ve found myself second-guessing whether I’ve made payments (and occasionally making double payments!). Glad you didn’t have a big oops, but sorry to hear the reasons why your spending is down. I hope Tim feels better soon.
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Oh dear, “hectic” in chronically ill people’s lives is even worse than for healthy people. So I hope everyone’s okay on your end. Sorry to hear about the double payments. I guess it’s better than no payments — if you have the funds to cover it, anyway.
When I see “too much” money in my account I think, “Did my payment to the credit card company go awry, and am I going to have to fight them on the service charge if so?”
It pays to be on top of your balances and to investigate (promptly!) when things don’t look right. If a former co-worker had done this then she and her spouse wouldn’t have gone through several kinds of hassle after someone stole a payment envelope out of their mailbox. Not only did that thief have (and use!) their checking account info, the mortgage company wanted to charge them a missed-payment fee. Had they monitored their account balances they would have noticed something was up.
So yeah, keep an eye on things. This is one time when “too much” of a good thing (money) could have been a pretty bad thing (snafu).
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Yep, it’s panic-inducing to be sure. “Oh no, what did I miss THIS time?!” But all’s well — if a lot less in about two days — so I’ll just try to look on the bright side of money-saved-through-crippling-pain.
Money doesn’t stay in our bank account very long, so the closest we come to extra money is unexpected payments/rewards/reimbursements.
A recent example is our life insurance. We got suckered into buying whole term insurance over ten years ago, which we plan to cash in once everything with the new insurance is all set (surely a lapse in coverage would mean certain death to at least one of us). Anyways, in getting all of the info about the policy, I found out that we get benefits if either of us goes to urgent care or the hospital – $200! I went after a car accident and Mr. Smith had to get stitches after slicing his hand open at work. I’m submitting the claim forms tomorrow and can’t wait to get this extra $400 🙂
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Best car crash ever, eh? Or maybe the most lucrative that has nothing to do with future pain/suffering/doctor bills.
Glad you’re seeing some benefit from the polic… But that you’re also getting out of it!
Sending good energy to get you guys through the current flare-ups! 🙂 I definitely understand how disconcerting it can feel to have that heart-racing realization that there shouldn’t be that much money there. Glad you were able to find good explanations, though!
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Sending positive thoughts your way! Glad that you have a little extra and that you didn’t forget to pay a big bill.
I am sure that you have had many people make recommendations for dealing with eczema, and you are probably tired of it, but I thought I’d pass along this site.
http://www.chagrinvalleysoapandsalve.com/products…
They have EXCELLENT soaps and salves for dealing with skin issues. Not saying it would fix Tim’s skin, but might help give him a little relief. It seriously helped my nephew’s skin and a good friend who had terrible eczema on her hands. You can order sample bars for about $3.
I’ll keep it in mind, thanks. We’re actually trying a new product at the moment. I’ll be posting about it in a week or so. We want to see how it does over a period of time.
Yes, I’ve panicked because there was too much money in checking and I KNEW something wasn’t right. It was usually because I’d forgotten to pay a bill. Something that doesn’t happen with me too often because I do my d@mnedest to stay current. I want to maintain my excellent credit rating.
Also, my spending’s been lowered by something negative. My lack of regular social life usually has a beneficial affect on my balance.
I am so sorry about Tim’s pain and stress. I thought the SSA decision was… Oh, I want to use profanity so badly. Let’s just say that it’s unjust and leave it at that. I am hoping that you won’t have to refund any of his money, at least.
We’re hoping for the same, but Tim’s smart to have us sock it away. And yeah, I don’t often forget to pay a bill… Well, not too often anyway. Brain fog is a pain.
I’m sorry your social life is a bit spotty. I know the feeling. We probably save a fair amount, but I know Tim would like us to be a bit more outgoing.
I agree that if I see too much money – it is likely my screw up! Hope you get some relief for Tim soon. We also spent a lot less money when I had hip surgery one year. A lot of on the couch watching TV for a few months. We have to take the good with the bad I guess!
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Yeah, might as well enjoy the (few) benefits of ill health, right?
I’m so sorry to hear about the flareups and the pain. Not a great way to have a financial “bonus.” Sending good thoughts both of your ways.
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Yeah, it’s definitely not as good as say, just finding a bunch of great hacks. But since it’s just how things are… I need to take the wins where I can get them.
I know what you mean! If my bank balance doesn’t look right, I panic and wonder what I have forgotten. Sorry to hear of your hubby in pain.
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Thanks, he appreciates it. Though this new product seems to be helping. (Post to come in a few days.) And yep, financial panic comes easily to the PF-minded, I think.
*Clears throat* Accountant here. That’s never happened because I’m always reconciling and looking at trends. We charge everything for the cash rewards and all of our bills are auto drafted. Once a week or so, I update my spending trend and compare budgeted expectations to actual, so if something didn’t get paid for some reason, I’d know. As for our checking accounts, I have a cash projection spreadsheet that I update daily. I extend it out about six months or so and plug in all the income, bills, and planned savings drafts into it. My spreadsheet calculates the bank balance and available balance that I reconcile to the bank statement and my Quicken. It also summarizes my monthly data so I can make sure that the trends look in line. This sounds a little crazy now that I think about it but I couldn’t imagine doing it any other way. Lol
Very impressive! Unfortunately, we have waaaay too many unexpected expenses — medical problems, home repairs, ADD spending, etc — to correctly project spending. Even our financial weeks sometimes fall a day or two short. Of course, it’s also difficult because I just get the one check and have to project the full 30 days’ expenses. Plus it arrives anywhere between the 9th and 12th, and depending on our health issues at the time, might not get deposited for 2-3 days. THEN it takes a day for the paycheck to clear, then I have to write myself out a check since I’m an employee of my S-corp. And for some reason despite being at the same bank somehow takes TWO days to clear. Once that’s done, I can pay bills. That’s a long way of saying that I get nervous about setting up too many auto-payments, which keeps things interesting. I probably should set up auto-payments for the mortgage, but I just do that the same day I set up all of our savings sub-account transfers.
I know what you’re talking about. I keep track of our Christmas spending in an Excel spreadsheet. This way I know at any given time how much of our Christmas budget we’ve spent. After Christmas, my husband said that we still had $300 of our Christmas money in the bank. My records showed that we had spent it all. We waited a couple of months to see if any bills came in for any purchases that I had forgotten to write down. Sure enough, we still had a surplus of money. I still don’t know what happened.
Also, we once had a bank account into which money that didn’t belong to us kept appearing. Every month, extra money was there that we couldn’t account for. We finally figured out that deposits were being made into our account that didn’t belong to us. We went to the bank to straighten it out, but they were rude to us and refused to investigate. It wasn’t worth their time. I guess we could have kept milking it, but I was afraid that at some point they would realize their mistake and hold us accountable for the extra money, so we closed the account. I figure we got about $600 of extra money.
Then, there was the Christmas where, after buying presents at Walmart, we wrote a $400 check to them. The check was never cashed! We called Walmart to make sure that they did not have a record of a bounced check. They said they had no record of us owing any money. We check with our bank and they had no record of the check coming through to them or being refused. That was quite a Christmas present, LOL. I guess strange things just happen to us.
Wow, that’s quite a lucky history — but I imagine it was harrowing to the point of being hard to enjoy.
Like Anya, I use a spreadsheet that’s out at least 5 months in the future. I depend on it, because of brain fog from fatigue.
I’d like to be the rare brave (stupid) person who says, yes too much money can be a bad thing. I used to have to scrimp and save to get by, and it was a way of life for years. Too many years. Then I got a better career, and in only two years went from living paycheck to paycheck to having so much more than I had ever earned in my life. At first I was sensible. I saved all that extra money. Then I built a house. No more extra money. Then I got a few raises, and then a large one. And then one day, I decided I was wealthy. Bad decision. Now I’m not wealthy, not even in my own mind. (Which is finally a better state of mind for me to be in.)
Now I am going back to my frugal roots, and trying to convince myself that even though my pay is better now, that won’t be the case whenever I have to retire. Here’s hoping I get to choose when. Write one hundred times: I am not wealthy. I am not wealthy. I have enough. I am not wealthy.
My heart always goes out to people who are constantly in pain. I just came across your blog so I don’t know your husband’s situation. But have you considered any alternative therapies? Sometimes the painkillers cause even more problems or mask a simple problem. I know people who have tried alternative therapies to try and figure out the root of the problem so they can stop with all the medication. Of course, not knowing your situation, I don’t know if that’s a viable option but if you haven’t thought of it, it might be something worth looking into. I know for me. I had chronic headaches, went to an allergist, got that under control. My mom had chronic migraines which have been gone since she went to a osteopath, etc. I plan to try a homeopathic healer for my chronic joint pain as soon as I save up enough money.
Best of luck!! 🙂
Yeah, Tim already uses an alternative therapy to treat his pain, which also helps his constant itchiness. Unfortunately, it’s not covered by insurance or even tax deductible. But ya gotta do what ya gotta do.
He’s been to a zillion allergists over his lifetime (severe eczema and asthma), so he’s sick of those. But we’re trying to keep our minds open about other alternative therapies.
Unfortunately, alternative therapists are not covered under insurance but allergists should be. I’ve also been to dozens of allergists in the last 20 years. It wasn’t until about 2 years ago that I found the best one I’ve ever met…Dr. Pollowitz in Scarsdale…but if you don’t live in NY it’s a moot point. But he does take most insurance.
I hope you can find someone to help you!
True, allergists are covered. But as a kid/preteen, Tim went to a multitude of them. He was put on the elimination diet multiple times, pricked with stuff and had blood drawn and other than an allergy to pet dander, they came up with nothing. So he’s pretty much staunchly against any further allergist visits, which I can’t blame him for. But I’m glad it worked so well for you! Generally, allergists are very helpful for a lot of people.
People should be more concerned with having “too much money”. I love those personal finance expose’s where they detail all their spending/saving etc. There are tons of people who have plenty of money and could retire way earlier but the financial advice given is always to “save more just in case”. That advice usually means 5-10 additional years of work. It seems crazy when they could get the same result by just being a bit more flexible with their spending (less in bad years, more in good years).
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Fair point. I’m definitely the type who would air on the side of caution and probably would work the extra time. Then again, I’m all too aware of how quickly medical expenses snowball. I think that’s one of the factors not enough early retirees take into account. Still, if you’re interested in getting out and being free, it’s important to assess how much you care about scaling back spending vs working longer. Like you said, most should probably favor the former. And of course the “retirees” we read are able to still make money blogging and other endeavors, which helps pad their lives.