Comments on: How to budget and never get another overdraft fee from your bank http://www.mailbeyond.com/how-to-budget-and-avoid-overdraft-fees ...Solved by Anthony Curreri Thu, 02 Feb 2012 21:57:12 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Anthony Curreri http://www.mailbeyond.com/how-to-budget-and-avoid-overdraft-fees/comment-page-1#comment-8141 Anthony Curreri Mon, 02 May 2011 17:39:06 +0000 http://www.mailbeyond.com/?p=151#comment-8141 Sol, I doubt it -- but contact your bank and ask, you never know! Sol, I doubt it — but contact your bank and ask, you never know!

]]> By: sol http://www.mailbeyond.com/how-to-budget-and-avoid-overdraft-fees/comment-page-1#comment-7958 sol Wed, 06 Apr 2011 23:19:27 +0000 http://www.mailbeyond.com/?p=151#comment-7958 Can one make an auto-deduct that the bank withdraws a certain "percentage" from the money in the account and puts it in an other account? Can one make an auto-deduct that the bank withdraws a certain “percentage” from the money in the account and puts it in an other account?

]]> By: Anthony Curreri http://www.mailbeyond.com/how-to-budget-and-avoid-overdraft-fees/comment-page-1#comment-7955 Anthony Curreri Tue, 05 Apr 2011 23:38:26 +0000 http://www.mailbeyond.com/?p=151#comment-7955 Sol, I haven't been self-employed while using this system, so I can't say how well this will work, but here's what I would do. Basically, you need to have a good guess on how much you'll make, then have enough cash on hand to cover when your guesses are wrong. 1) Take a guess on how much money you have coming in each year. Be conservative -- it's much, much better to guess low here. Say that number is $24,000. That means you take in an average of $2000 a month -- some months you might make more than 2,000, some less. Plan your budget to revolve around $2000 a month though. 2) Choose a "payday." You can deposit your checks whenever you want, but I would pick one day of the month to sit down and make sure my "weekly budget spreadsheet" checks out. It is then that I would make manual credit card payments, etc. Just let the money sit in your account until "payday," then make sure everything goes in the proper buckets. 3) DO Make long-term/medium-term savings auto-deduct from your main account. Savings is the most important thing. 4) DO NOT make short-term savings auto-deduct. You are going to have to do this manually. On light months, you'll have to transfer money in from your short-term savings to make your weekly budget spreadsheet balance. On months where you make more than you've budgeted, you'll have to transfer that money OUT to savings. 5) TRICKY -- The sticky wicket here is that if you are self-employed you're probably making quarterly tax payments. You should take a guess on what those are, and split them up monthly so that they are in your "weekly" budget. I would put this money into medium-term savings each month, then not feel bad taking it back out when a quarterly payment is due. Does this help? Sol, I haven’t been self-employed while using this system, so I can’t say how well this will work, but here’s what I would do. Basically, you need to have a good guess on how much you’ll make, then have enough cash on hand to cover when your guesses are wrong.

1) Take a guess on how much money you have coming in each year. Be conservative — it’s much, much better to guess low here. Say that number is $24,000. That means you take in an average of $2000 a month — some months you might make more than 2,000, some less. Plan your budget to revolve around $2000 a month though.

2) Choose a “payday.” You can deposit your checks whenever you want, but I would pick one day of the month to sit down and make sure my “weekly budget spreadsheet” checks out. It is then that I would make manual credit card payments, etc. Just let the money sit in your account until “payday,” then make sure everything goes in the proper buckets.

3) DO Make long-term/medium-term savings auto-deduct from your main account. Savings is the most important thing.

4) DO NOT make short-term savings auto-deduct. You are going to have to do this manually. On light months, you’ll have to transfer money in from your short-term savings to make your weekly budget spreadsheet balance. On months where you make more than you’ve budgeted, you’ll have to transfer that money OUT to savings.

5) TRICKY — The sticky wicket here is that if you are self-employed you’re probably making quarterly tax payments. You should take a guess on what those are, and split them up monthly so that they are in your “weekly” budget. I would put this money into medium-term savings each month, then not feel bad taking it back out when a quarterly payment is due.

Does this help?

]]> By: Sol http://www.mailbeyond.com/how-to-budget-and-avoid-overdraft-fees/comment-page-1#comment-7954 Sol Tue, 05 Apr 2011 23:21:45 +0000 http://www.mailbeyond.com/?p=151#comment-7954 I wonder whether you can help me I am self employed therefore I don't have a fixed amount coming in every month so how would I be able to budget? I wonder whether you can help me I am self employed therefore I don’t have a fixed amount coming in every month so how would I be able to budget?

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