• Overdraft Fees

    Happy Phriday!!!

    In 2017 banks made approximately $34 billion in overdraft fees according to an article in the Forbes. Some people may be upset with banks about this, I'll try and break it down. 

    At first glance it seems people who don't have enough money are being charged money for an overdraft, using the bank's money to make their purchase enough. Since they didn't have enough money, how can they pay the overdraft fee? It seems diabolical, but is that the truth?

    $34.5 billion in overdraft fees illustrates that many people do not have a good handle on their personal finances. It goes along with the statistic of 7 out of 10 Americans live paycheck to paycheck.

    Overdraft fees can be easily avoided if you manage your money well. Even if you don't make large amounts of money being responsible with what you have will allow you to avoid overdraft fees. If you are having trouble budgeting your money a "why" for you could be to avoid overdraft fees.

    Overdraft fees, interest owed, and other financial penalties can stop you from your financial goals. With this in mind, do a budget to help you stop paying overdraft fees that are completely avoidable. The banks make enough money from what you save with them... why give them extra money with no benefit to you?

    Picture credit: here

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