Money Matters

#MoneyMasterClass Recap–Week 17

Reality Check

This is week two of Gail calling out our delusions.

Overdraft Protection

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.

Bill Payments

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.

Questions

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

Check out Gail Vaz Oxlade’s books here:*

Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids

2 Comments

  • A in Texas

    I use a planner that has a 2 page monthly calendar spread, at the top I write down my bills & due date moved up 4 days with an open circle next to it. I color in the circle when I’ve paid the bill. I write this out on each month — that way if something happened to me, and my young adult son or daughter found my planner they know what bills are coming in. I’ve also created an email to both of them of how to pay my bills and what bank accounts to use to do it– as I use two banks. The email tells them where my password book is also and where to find other important papers- like the title to my vehicle, etc. When I was a mom with younger children, I always told my sister in an email my travel plans (we lived in separate countries) and always gave her this information when we moved houses– where to find my password book and how to pay my bills. I like having this peace of mind of sharing the info with others so it’s easy to manage for them in case I’m in a horrible car accident that leaves me unconscious. I’ve done this ever since my dad died unexpectedly in his sleep while living alone in his 60s and we didn’t know how to pay anything or what bills to expect to come to the house. (Thankfully this was a simpler time, no computer, no smart phone used).

    • A Sustainably Simple Life

      That’s really wise! I’m sorry for the circumstances that led you to know to do these things, though. You’ve made me think about how I wouldn’t know these details for my own parents and should maybe ask some questions.

What are your thoughts? Let us know in the comments!

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