And I usually have 3 GIRO payments paying from my UOB One account.
And I also spend SGD500 on my UOB One card so as to get my 2.43% interest rate.
Yesterday, I got my property tax bill. Not too expensive. I signed up GIRO for my property tax of SGD100, which is SGD10 per month. So the tax bill showed the breakdown of the monthly GIRO deductions.
Then I noticed it. The payments were for only 10 months!!!
In my mind I was going "@#$%^&"
I logged into my UOB account to check. And true enough. In Dec, I did not have a GIRO deduction for property tax. So in Dec, I had only 2 GIRO payments from my UOB account instead of my usual 3.
This results in me getting only 1.60% interest instead of 2.43% interest.
This got me kinda upset. Cos I like to set up operations properly. You know, like after setting up the monthly transfers and everything, then I can just forget about it. So this time, I messed up. I didn't realize that property tax isn't paid for 12 months cos the quantum is too low.
And this mistake costs me money. Money not made is considered money lost. Considering that I would have made this interest normally if I didn't mess up.
Also, there isn't enough time for me to set up another GIRO arrangement cos typically banks take about 2 weeks to get GIRO arrangements up and I need a GIRO arrangement up and running AND must make a payment within this month. So I just don't have the time to have this set up.
It's unfortunate. But I'm coming to terms with it.
Anyway Jan will have my usual property tax payments again so next few months will be fine, until next Nov.
To avoid having the same issue again, I've decided to put the HDB parking GIRO on my account instead. Cos it is currently on my wife's account, and the sad thing is, she already has more than 3 GIRO arrangements so she doesn't need this HDB parking GIRO.
Anyways the point for today is check your GIRO payments properly. Don't mess them up like me.
If you're optimizing your savings and interests in the different bank accounts, set them up correctly and take note when you change GIRO arrangements and stuff. Else you could "lose" money.