We're overdrawn :(

[Camelot Farms]

HECHICKEN wrote:

I'm a lady and I'm not cringing. I handle all our finances, and I use Quicken to track them. I also like to be down to the penny and track EVERY expenditure using the Quicken Cash Account feature, that allows me to even track the cash in my wallet. Get a drink out of a vending machine? It gets entered in Quicken. I know it sounds like drudgery but once you get used to tracking it, it gets easy. I keep all receipts and enter them every few days, so I always know EXACTLY how much we have in which account. I can also run reports to track spending. I really believe that tracking spending is the best way to take charge so that things like this don't continue to happen. Until you track every penny you spend, you don't realize where the money is going. Just knowing that helps you to cut spending and to instantly see when things are getting out of whack.

I wanna be you!

 

[Guinea Goonie]

Please do not let this thread become political. I certianly have refrained.

Of course the banking industry has lobbyist, how else could they get to the
point of getting away with the things they do. So enough said. There is little
anyone can do in the political arena. Just hold on to your hat and keep ahead
of the little turds.

 

[cmjust0]

Quote:
I would use Quicken, but I can't afford to buy it. Oddly, I have no idea why.

j/k.. Seriously though, I built this spreadsheet...jeez, I guess almost 10 years ago and I've just gotten so used to it.

I do need to start tracking pennies, though.. I pull cash out of each paycheck and we try to live on that for the day to day (gas, groceries, etc), so that money isn't as easily accounted for as debits and checks.. I don't like using my debit card for every..little..thing either, because that's just too daggone much accounting and, IMHO, exposes me to too big a risk of an ACH transaction mishap.

...like Wal-Mart charging my checking account FOUR TIMES for the same $65 transaction that they said never went through. I charged it on a CC and it went, so I actually got hit FIVE times for $65. That was an absolute mess.. Had to file a dispute through my bank, which issued "provisional" credit, etc.. Not cool...

Anyway..I think I should probably carry a little notepad or something. My wife would love that -- NOT.

 

[Mac in Wisco]

Quote:
I budget every penny for every month on a spreadsheet and keep a running checkbook register on the spreadsheet. The money that is budgeted for daily living expenses is pulled out in cash once a week and when that week's money is gone, it's gone.

I also use a savings account as a sinking fund for expenses that aren't paid on a monthly basis. Every month we set aside money for property taxes, home insurance, car repair, car registration, heating propane, Christmas, etc. The spreadsheet tracks how much of the money in the savings account is earmarked for each of these things. When these bills come due, or the vehicles need a new battery or oil change, there are no surprises or trying to scrounge for money. It's there.

 

[GrayDragon]

Quote:
Why would any of us cringe, fall out of our chairs, or applaud? It's a necessary household chore, it's like saying we should cringe, fall out of chairs, or applaud because you clean the toilet. It's unpleasant, full of crap, and has to be done, much like paying the bills.



It is important to note that in addition to maintaining a list of your credits/debits, you need to check your balance routinely. Just because you noted a credit or debit doesn't mean your bank did. My mother deposited a $1500 check and it promptly vanished into the ether. She even took the PRINTED FROM THE COMPUTER receipt back to the bank and they couldn't find a record of the transaction. Took her almost three weeks to get the replacement check.

Plus you never know when a check someone wrote YOU is going to bounce. I worked for a company a long time ago where if I waited until Saturday to deposit my paycheck, it would bounce. I imagine that problem has only become worse since the recession.

 

[Whispering Winds]

We bank at National Bank, and they have an overdraft protection, cost $6.50 a month, but you can overdraw up to $600 and be o.k. You have to pay the fee of $28 for every check, but nothing gets sent back. Unless you go over that amount. I rarely do it, but some months we are skating on thin ice. Oh, to win the lottery and not have to worry so much . . . .

 

[kit1470]

Quote:
I use the same system. You can create an awesome cushion in a year!
And you can do it even faster if you round up to whole dollars.

I am working up to whole dollars slowly I know it would make a huge difference in my cushion

 

[GrayDragon]

When it comes to debit and autopay type stuff, I'd rather they just declined it rather than accept it and give me an NSF fee.

Before I got rid of autopay entirely, the electric company took $200 out of our account, leaving us at a balance of -$50. Thinking we still had $150 and would be depositing a paycheck in two days, we did things like spend $12 at the grocery store, $10 at the liquor store, $15 at Arby's, etc...

Getting hit for $35 each time.

 

[Tala]

Quote:
We used to do that. Had to clean out the account for something or another though. Then I had some things come up and I learned to keep CASH on hand, at home. We have a good chunk of cash reserves (and we're saving for DH a newer car too) but it's not in the bank at 8pm when I realize that the paycheck didn't come in.

The good news is that the bank got the deposit yesterday even though it didn't show up in my online banking. This morning they changed everything so that the deposit went in before all the debits (like it should have)

Charges that were negatives online yesterday have changed to positive balances!

 

[Guinea Goonie]

So glad you got this done !! I am Sure you learned alot about the banking system.

Although I do not follow my advice to the letter many times, at least I have a system, a outline and a sure fire way to avoid bank overdraft fees.

I have learned alot from this thread too.

Bless you all for your thoughts in this thread. Even the antagonist.