I spent last night making roughly 32 online transfers of $1.50 from my savings to checking account. Why? Oh… because I SUCK at managing my money. BUT, change is coming (literally and figuratively).
I got an email that my checking account balance was below the “desired” amount of $50. Upon checking, I found that it was actually overdrawn by $48 (insert heart attack). Luckily we have overdraft protection tied to our savings account so it already had a $48 transfer pending to cover my oops. Sadly, this left my Savings account with $1.52. I told ya…we are paycheck-to-paycheck people and we have paychecks coming in Wednesday, Thursday & Friday….but this was Sunday. I immediately realized that with every overdraft protection auto-transfer comes a $12 fee. That would mean that upon clearing, I’d have another $12 drawn from my $1.52 and WOULD actually BE overdrawn with an additional $30+ fee on top of that. (heart attack #2)
This is where the transfers came into play. You see, I can only do an online transfer for the amount I have available …and that amount was $1.52. So $1.50 from Savings to Checking = $1.50 less overdrawn in Checking and $1.50 less being pulled from Savings Overdraft. Over and over and OVER AND OVER again I hit Transfer => To Checking => $1.50 => Submit => Yes, Actually Submit => Ok, Thank you for submitting! Rinse, lather, repeat until my Checking balance was just barely over $1 and Savings was down to pennies. #FML
Today I made a cash deposit and have been holding my breath for God-knows-what-to-clear before our checks starting going in on Wednesday. This.Is.INSANE!
I share all of this not to humiliate myself and my family (though it’s doing a pretty good job of doing so), but to show the truth that is my current situation. I know if I’m honest with where I am than it will be even more impactful once I get to where I’m going. Plus, I know there are many of you out there who have been in the same situation and feel like you’re the only one. You are NOT alone.
I meet with our new financial adviser/old friend, Bryan, on Thursday and can NOT WAIT to get a plan in place. I don’t care how much money you have, if you don’t treat it with respect and CONTROL IT vs letting it control YOU, then you might as well be throwing it away.
Here’s to better days out of the red in the very near future!