Friday, October 3, 2008

My first overdraft

I was so thrilled with myself for making it to the end of the month and the pay-period without running out of money in my main account, *and* transferring a healthy piece over to my growing emergency fund. Oh, it was working *so* well. Tra la la, I was content with my handling of money this month.

Then, my $59.75 life insurance premiums were sucked out of my account on Wednesday. I forgot to anticipate that.

It put me $6.17 in overdraft. The idea of overdraft seems *wrong* to me. I mean, if I don't have the money, I don't have the money. It seems un-possible to have a negative balance in a bank account. Credit card, line of credit, sure, I get that. But the bank is the bank. You have money or you don't -- you don't have minus-money.

But I did, and they charged me a $5 overdraft fee. So with the initial overage plus the "stupid tax", I was $11.17 over. Of course, payday is today (Friday), so I'm really only out the $5.

Before I rolled around in the new injection of cash into my life, I paid out my biweekly share of the household budget/savings ($745). Balance gets smaller.

I figured this'd be a good time to make sure my credit card balances are paid up, so over I go to the Amex. $91 to Amazon for a selection of wedding books I bought for us and a Sony Vegas Pro video editing tutorial book I bought for me. $88 to Rogers for overzealously using my Blackberry during our New York City trip (roaming charges SMB!). And $107.37 for a $99 US purchase a few nights ago of a set of expansion packs for my PodXT guitar machine doohickey.

All told, Amex wanted $286.75. I paid it.

Well, now my bank balance is ... y'know ... a lot less. No room this paycheque for dumping money into savings. And I dunno if I'll make it to the next payday without dipping into the non-emergency-fund savings. But hey, I'm fully paid off on all my bills, so ... yeah ... 'ts no reason to cry.

So, that's the story of my very first overdraft! At least, the first one I can remember.

Happy 30th birthday to Amanda! Now you're in the same decade as me!

3 comments:

  1. ooooh yeah that always blows. esp RIGHT when you think you're on track! i consider myself pretty damn anal about watching my budget and paying bills and all, but every now and then i slip.

    i congratulate you for owning up and taking care of it so quickly though! and for paying all your bills now, i've always enjoyed doing that, as dorky as it sounds. (don't tell anyone ;) )

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  2. I hear ya ... I've developed a bit of a self-congratulatory routine ... First payday of the month, I go through all my credit cards and make sure they're paid off ... fret at the remainder.

    Then on the second payday of the month, I (should) have more money to work with, so I shuffle some off to savings .. and by then, I hope, the company share plan should have bought shares with my+employer contributions, so that's also an 'up' ... that's the time I update my net worth stuff over at networthIQ ... makes me feel like a big man! ... well, except for times like now, when my investments are circling the bowl.

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  3. Um. I used to live in overdraft.
    It's not a fun thing. But, it saved my ass a few times and I'm glad I have it. I would prefer that I didn't need it but there have been times where it's been required. I don't pay for the overdraft protection as its part of my account privileges but I do pay interest on any amount I have in overdraft.

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