COMPUTER SLACKER: Technology beckons your attention as far as how to budget money

Posted By: Matt in Budget on 01/28/2014 at 10:01:03

Your wallet has message tailored for you and your budget: get some help.

If you're struggling with your budget and can't seem to figure out why you continually have a negative balance or your financial institution is doing plenty of finger pointing your way, you may want to consider implementing a little technology into your fledgling game plan.

Overdrawing your checking account can happen to the best of us, especially in the midst of holiday shopping or if you're embarking on a monumental event that requires plenty of check writing, such as a wedding or buying a new home.

When that happens, only the people who aren't planning ahead for these types of mistakes are the ones paying dearly, in the form of overdraft fees that can exceed $40 or $50 for each debit made from your account.

The average person spends between $175 and $250 per year on overdraft fees, and while that number isn't staggering, it certainly can add up if you continually ignore the issue.

What exactly leads to overdraft fees· Typically, it's just a lack of concentration and tracking on your part.

Those fees are easily avoidable no matter what your situation, and if you're paying them a few times a year, then you're simply wasting hard earned money. Banks give you plenty of chances and the opportunity to curb those charges with overdraft protection that can include linking a main checking account, for example, to a savings account with additional resources.

Of course, the banks have to make a little bit of money, so there usually is a $10 fee every time the bank has to transfer from one of your accounts to another. You're no math major but $10 is better than $50.

Even getting to the overdraft charges is easily avoidable with subscribing to online banking, which is usually free, or even partaking in an online portal or virtual wallet that actually can alert you when you balance is getting too low. This allows you to take a more proactive approach to your money, and transfer money on your own terms without any help from the bank.

Why would you pay the bank to transfer funds when you're perfectly capable of doing it·

These programs are tailor made for the busy executive, working mom or newly married couple or anyone who ardently pays their bills but might forget about a few bucks here and there.

The elimination of overdraft fees translates into more money in your wallet, which finally feels like it's got your attention.

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