8 Minor Money Mishaps that Cost You BIG

Little mistakes count! Who would think something as innocent as a $5 library fine or one late mortgage payment could leave a mark on your credit score? Don't let seemingly minor slipups derail your financial future. Learn how to fix eight common errors now so they don't harm you later.

1. You carry a small credit card balance
HOW IT HURTS: If you stick to making minimum monthly payments on a balance of $3,000, it will take 18 years to pay it off (assuming a 15 percent interest rate). In that time, you will have spent $3,229.26 in interest!
Financial Fix: Break the minimum payment habit
Reexamine your budget to see if it's possible to put extra money towards your debt. If you can stop using your card, take out a personal loan from a bank or credit union; their rates tend to be lower than credit cards. Also, check your monthly statement, it tells you how much you need to contribute monthly to settle your balance in three years.

2. You pay your mortgage bill past the grace period
HOW IT HURTS: It can knock 100 points off your credit score overnight, affecting your ability to get the best interest rates or a car loan.
Financial Fix: Figure out why you are paying late
If you don't have the money: Call your lender rather than just not paying. Most banks have a loss-mitigation and hardship department that can work with you to find another payment arrangement for up to six months.
If you're forgetting to pay:Automate regular (weekly, monthly, even quarterly) payments through your bank or try mycheckfree.com, a highly rated free bill-paying site.

3.You keep your longer-term money in a basic savings account
HOW IT HURTS: Your funds will earn less than 1 percent interest and won't come close to keeping up with inflation.
Financial Fix: Maintain about $700 in a basic savings account so you have immediate access to cash, and put extra funds in an FDIC-insured online savings or money-market account.

4. You overlook old parking tickets or library fines
HOW IT HURTS: Many libraries and municipalities turn over their unpaid accounts to collection agencies.
Financial Fix: Take care of all fines right away, and make sure the payments clear. If the library or city agency doesn't receive them, your account will be marked as delinquent. Also, follow up with the original creditor or agency so you can clear your name.

Related: Don't let disorganization send you to collection agencies! Try these tips to get your finances in order.

5. While you're out of work, you don't pay your student loan
HOW IT HURTS:You damage your credit rating and pay extra interest and penalties. Plus, the IRS might garnish your wages and tax refunds until you are paid up.
Financial Fix: Ask your loan provider about a deferment, which means you don't have to make payments and the government may cover the interest during a set period of time. If you don't qualify, ask about forbearance, which lets you stop paying temporarily (but interest still accrues). If your student loan is in default, visit fsahelp.ed.gov for a checklist of required steps you must take on your own.

*See the three other money mistakes you should NEVER make, plus get financial fixes and budget guides on AllYou.com.