This is week two of Gail calling out our delusions.
Next, Gail broke down what it means to have an overdraft.
The main points she makes are:
1. Overdraft is debt, very expensive debt
2. The bank can recall an overdraft at anytime
3. If you’re using an overdraft, you’re being lazy
Breaking the Overdraft Cycle
Getting rid of your overdraft habit ties into Gail’s first tweet of the week–if we’re determined to take the easy path, we are likely banking on a delusion. Changing habits can be hard work, but once the changes are made, things can get easier.
Next the focus turned to getting a handle on bill payments. The tallying of your expenses from the previous task will help with getting a handle on this and with understanding your cash-flow issues.
The main instruction is to list out your bill payment due dates, then to choose which bills to pay with each paycheque. The goal is to get ahead of your payments to avoid late payment fees.
The Twitter-verse was given the opportunity to ask Gail questions. If you have any, send out a tweet using the #MMCQuestion hashtag.
What methods do you use to keep track of your bill payments?
New to the Money Master Class? There’s still time to get started!
Check out this Twitter Archive to see all of Gail Vaz-Oxlade’s #MoneyMasterClass tweets from the start.
Find the resources, spreadsheets, and quizzes here: Money Master Class
Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
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