I checked my bank account balance recently to find that it's past -$200. I guess what happened is that I didn't realize how low it got and it once it got into the negatives the next few transactions came with a $25 fee, causing my balance to quickly get lower and lower into the negatives. I haven't been
I checked my bank account balance recently to find that it's past -$200. I guess what happened is that I didn't realize how low it got and it once it got into the negatives the next few transactions came with a $25 fee, causing my balance to quickly get lower and lower into the negatives. I haven't been contacted by my bank about it, so I don't think I'm in trouble. I'm 19 and live with my parents (who can't help me financially beyond groceries) and so I don't have any ongoing expenses I have to pay, so my plan has been to save up what I earn (I'm a freelancer and my income isn't consistent) until I pay back what I owe and then work up from $0 balance.
That said, I was given $50 for babysitting today and I realized that if I deposit it it will go toward my owed balance, but it will also leave me without any physical money at all. I want to repay what I owe ASAP before I get in trouble, but I do have some upcoming college expenses that I'll need to pay for myself and I'm worried if I don't have money for THAT then I'll be screwed.
My question is, should I deposit the $50 now toward what I owe or keep the money for safety and just save up the rest of my earnings going forward? Thanks for any advice.
QB: I would check with your bank. Chances are once you're in overdraft, you're going to keep incurring a penalty for each day that you have a negative balance. That means that you'll need to get that fixed ASAP or you'll end up owing more money in the long run.
Deposit it so you stop getting fees for negative balance. Learn to set up and live on a budget including setting aside money for emergency expenses.
you could negotiate them waiving the fee in exchange for you depositing money to bring your account t a positive balance. If not just wait until later to deposit money and enjoy life.
You are going to have to pay that money one way or another so deposit it and learn from your lesson
Pay it – or you might find it real hard to get another bank account
They will start to charge you more and more fees. Pay it off as soon as possible.