You have all probably done it at some point in your lives. You know your paycheck is coming on Friday and you write that electric bill check on Wednesday. Your thinking is...It will take 2 to 3 days to get there and the money will be in the account by then.
But what if it's not?? What if that check gets there and the money isn't in the account? You don't worry because you have overdraft protection right? The check will be paid and it's only a $25 bank fee.
STOP!!!!
That $25 is a full tank of gass, or half a weeks groceries (for my family). Why are you giving it to the bank? Call the electric company (or other company) and tell them you can pay them on Friday. More than likely they will say ok.
We have been in this situation many times, and have used the exact thinking above. We were wrong!! We have probably paid more $200 in bank fees over the last several years that could have been used for food or bills.
The bank makes enough money by holding your money. Stop handing more over to them.
Happy Saving!!
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