There’s nothing more frustrating than falling into your overdraft. Upon checking your bank balance, you are met with the dreaded minus sign even though you could have sworn you had enough money. Then, once you’re below zero, something even more annoying happens. The bank decides to charge you for having no money. This situation is sure to leave a bitter taste in anyone’s mouth. If you want to avoid that feeling in the pit of your stomach in the future, here are 5 ways to avoid going into your overdraft.
1. Get Paid Before Payday (No Loans)
A simple but effective task you can do is to organize your bills so that they leave your account right after payday. If you get paid on the 15th every month, schedule your outgoings to automatically leave your account on the 17th. By doing this, you’ll always have enough money in your account, and a stray bill you’d forgotten about won’t send your balance into minus figures.
If this isn’t enough for you, why not consider switching to an online bank? Chime is a completely fee-free bank that is changing the way banks operate. One of the amazing perks of Chime is that you can get your paychecks two days earlier than your colleges, just sign-up for direct deposits to make good of this benefit.
2. Cut Down on Your Monthly Subscriptions
If you’re not sure how many subscriptions you pay for, or if you even use them, a new app called Trim can help. It’s as simple as connecting your bank account to the app and saving a ton of money. Trim will look after your spending habits and review all of your subscriptions like Netflix and Hulu. Didn’t realize that you are still paying for Hulu? Trim will even cancel the subscription for you.