Please allow me to have a mini rant here. If you’re not in the mood for ranting, you can… go…. look at…. meditation stock photos.
A couple of months ago, University Credit Union let me know it was going to start charging $2.99 a month for my formerly free checking account. I had been debating closing my account with them anyways because I don’t like ridiculous fees for what is most of the time just really stupid mistakes. In other words, I don’t think most people overdraft their accounts with a malicious intent. Most of the time it’s truly accidental. I mean ok I understand a $5 fee for being a dummy but $32? That’s absurd. Anyway, I had made a couple of stupid mistakes already and I didn’t like being slapped with that huge insulting fee which doesn’t exist at ING Direct. Which by the way, if…
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In my last post I talked about the Envelope System as a personal budgeting technique. The basic assumption was that income was known and expected expenses were known. Now, what happens when you are not sure how much money you have for expenditure or your income keeps on fluctuating?
Budgeting for money that you don’t have is tricky. You have to prudently plan for the little money you have by practicing better money management. So here some tips on budgeting for the little that you have.
Inform your creditors that you may not be able to meet your financial obligations as agreed. If they are understanding, then you may be able to negotiate an alternative payment plan on a temporarily basis until you can recover from your financial hardship.
Prioritize the Money You Do Have
If you have little money to spend, pay the most important bills first i.e…
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Bottom Line: New balance minimums and monthly fees are being put in place by many of the banks. Be sure to check with your bank so you don’t wind up with an unexpected fee next month.
It’s not always easy to work your way out of debt. There will be bumps in the road, like unexpected expenses and depression. Just remember though, that you are making progress even if sometimes you get knocked back a couple of steps.
Focus on the end of the road to being debt free and not the bumps.