Finding Freedom

How quickly can a fool find his money again?

I currently have a whole bunch of debt. Hmm...I wonder how much I could get for my kidneys?
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Thursday, June 22, 2006
The Best Worst Financial Advice
One thing that I learned when I was really scraping the bottom of the barrel as far as money goes was that I really hated overdrafting. At $25 a pop, it gets old real fast.

However, I found that if I could plan ahead to know when I was going to have to overdraft, I could make a system that worked for me. It was kind of like financial planning for the destitute.

For example, instead of continuing to write checks or pay for things on the debit card with the $25 ding every time, I found that if I just made a substantial withdrawl from the ATM, I would just get charged the fee once as opposed to over and over. With my bank letting me overdraft up to five hundred dollars, I found that this worked pretty well. I would then wait for my next paycheck to get me back to the positive side.

Unfortunately, once you get in the cycle of overdrafting like that, it's very difficult to get out of that money hole. Even if you get five hundred bucks a week, like I was, that still just brings you back to zero, which means that you'll have to just continue overdrafting to survive.

Obviously it would be much better to just not go in the red at all. That's why I'm calling this the best worst financial advice. But if you are really stuck, this will save you some money.
posted by shamedsteven @ 11:05 AM  
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Name: Steven shamedsteven
Home: San Diego
About Me: Well, boys and girls, I, like a whole bunch of other people, made a series of "conscious, deliberate mistakes" and have ended up with a buttload of debt. What is chronicled here are some musings about the journey out.
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