Budget Lexicon

Tips for living a fabulous life on a budget

Saving Money Tip: How to Not Overdraw Your Checking Account July 7, 2008

Filed under: saving money tips — budgetlexicon @ 1:01 am
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Nothing is worse than overdraft fees.  When you are living on a tight budget, it’s easy to accidentally overdraw your account.  Here are a few tips to help you avoid overdraft fees.  

  1. Check your bank account and credit card accounts everyday.  This way you know exactly how much money you have.
  2. In the beginning of the month, plan out your expenses.  Do you have any upcoming birthday gifts, weddings gifts, vacations, medical expenses, or car repairs? Try and pay for them in the beginning of the month, so you are not short at the end.
  3. Transfer your monthly savings in the beginning of the month.  This way you budget according to your savings goal and do not accidentally spend your savings.
  4. Change your car insurance to a monthly payment.  It is easier to budget for it on a monthly basis instead of being hit with a large payment every couple months.
  5. Make a calendar of your bills amounts and when they are due.
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3 Responses to “Saving Money Tip: How to Not Overdraw Your Checking Account”

  1. Budget Girl Says:

    Yes, I HATE all bank fees! Definately a budget killer. These are great tips. I also like to write down any automatic withdrawals I have linked to my account on a calender. That way I dont’ forget about any payments like my gym membership or subscription fees that are taken out in the middle of the month.

  2. Paul Says:

    OD fees can be very expensive and banks have ways of getting the most out of you with just one little slip-up. For example, some banks will process your items largest to smallest, which will increase the likelihood you have multiple OD/NSF fees for a mistake in the same day.

    Would also recommend checking to see if you bank offers an overdraft program that transfers money for a savings account or credit card. These can be much less expensive ways to keep from getting the $30/$40 fees that some banks charge.

    Keep in mind. OD/NSF fees are the #1 non-interest money maker for banks (loan interest makes more). They prey on people that are not good at managing their account register.

    Paul
    http://www.odnsf.com

  3. Cal Bolton Says:

    You need to come and see what Grandma has to say if you are interested in saving money and/or pinching pennies. 100’s of ideas on over 80 pages.


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