Blog Challenge: Howard R.

Spending money that I never had.
 
So just because your bank tracks everything you spend your money on doesn’t mean you shouldn't keep track as well. Believe me I learned it the hard way, so hopefully you wont have to. So check this out, about this time last year Passion Pit, and Matt and Kim were having a concert together in MI, so naturally when I heard about this I pulled out my debit card, ready to buy tickets before I even knew how much they cost.
 
The concert was great and I had a blast, but I forgot mother’s day was in less than a week, and I needed to buy my mom a gift. I quickly check my account balance, see that I have money, found my mom a nice gift and saved the day, or at least I thought.
 
About a week later I received a message from my bank saying, that I was overdrawn. How could this be? I checked to see if I had money before I bought her gift. My bank hadn’t charged me for my concert tickets until a few days after I bought the tickets. It turns out not all transactions appear instantly on your account, and sometimes you actually have to look through your transaction history to see if you’ll be expecting any charges that may not have gone through already. Luckily I had a bit of money saved up and was able to make a deposit and fix the situation, but all in all, that was enough to make me think twice before I spend money that I may or may not know I have, in the future.
 
Let's say I didn’t have the money to cover it; there are a couple alternatives that could be used as well. Many banks or credit unions have a one-time overdraft forgiveness that you may not know about. Just call them, explain your situation honestly, and they may be able to help you out, and remove the overdraft fee. If not then you may be stuck with the overdraft fee. In this case, I would suggest simply paying the fee when you are able, and try not to be overdrawn again. Still call your bank or credit union and explain what happened, most of them will try to work with you and try to figure out a payment, or at least will give you advice to avoid this situation in the future.