Preventing Overdraft Bank Fees
Overdraft bank fees are damaging to your personal finances. Follow some simple steps to make sure that you won't be charged excessive fees from your bank.
- Create a process for tracking every dollar spent and made.
- Consistently spend less than you make.
- Don't use credit cards to bridge the gap between income and spending.
- Paying more than the minimum is vital to cutting interest charges and ultimately getting out of debt.
- Have money directly deposited each pay period into a high-yield savings or money market account.
- Create an adequate cushion: at least three months worth of expenses or a sum equal to six months of expenses for households with one primary wage earner.
- Live within your means and devote at least 10 percent of your income to investing for the future rather than paying for the past.
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