I’m one of those people that lives paycheck to paycheck for the most part and at the end of my pay period my checking account is at near $0 balance. I made the mistake recently of taking $40 out via ATM because I knew I had $55 in my account. Unfortunately I forgot about a $45.01 gas charge I had made earlier in the day and another $8 bill that was automatically being taken out that day as well.
Because of my stupidity and not paying attention, I received two overdraft charges of $30 each all because I did not pay attention to what I am doing.
Submitted by: Rick
I’ve had a few stories on here about people who have overdrafting for not keeping track of their accounts. It seems to be a common problem, even for my dad.
You can’t spend money blindly, you have to be aware of your status in order to get ahead, and you should work to have excess in your account or an emergency savings so you have a safety cushion when things go wrong.
Mint.com is a great way to keep track of your transactions, and Microsoft Money is free now. There’s no excuse that prevents you from avoiding overdraft charges.
Amount Flushed Down the Money Drain: $60