Zone 2

Money Drain: Blaming Others for Your Overdrafts

My best friend rents an apartment from a friend and is not very good at keeping track of her spending. She is consistently late with her rent, but to her credit she works hard to make up the owed money in time. At one point, however, she looked at her bank balance and thought she had more money than she did because her rent check had not yet been cashed. She decided to go ahead and spend what she thought was “extra money”. Once her rent check was processed, several of her extra expenditures started over-drafting like crazy until she was in the hole $175 in overdraft fees. Then she blamed her friends for not letting her know they were cashing her check and attempted to get them to cover her overdraft fees.

Submitted by: Cathy

Lesson Learned:
This is a prime example of why we should keep track of our own expenses instead of relying on what our bank account says.  I know I can easily forget things I’ve spent money on if I didn’t keep track every day of whatever came out of my account.  If I already had it marked down how much was coming out each pay period, especially items that are repetitious such as rent, then I know how much money I really have even before my bank does.

Amount Flushed Down the Money Drain: $175

About Crystal Groves, Google+

Crystal Groves is a farmer, web developer, musician, blogger, and personal finance enthusiast from the back hills of Maryland and Pennsylvania. She started Money Drain as a project to encourage people interested in fixing their financial situation to share their stories and learn from the stories of others. We all make mistakes, but in order to change we have to make changes.

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