Many of us have an overdraft facility with our bank and therefore can borrow money using it if we need some. This can be extremely useful and it can mean that we will be able to get a bit of extra money f we need it and have fun out. However, overdrafts are not cheap and so it is worth making sure that you only use them when you have no other option. Fortunately, there are ways that we can avoid going overdrawn and therefore it should not be so expensive for us.
Set a budget and stick to it
It is really useful if you can set yourself a spending budget. You should be able to find out how much you get paid and how much money you spend each month. It is worth looking at the things that you are buying and thinking about whether they are necessary or not. Then you will be able to see whether you are consistently going overdrawn because your pay is not enough to cover your basic needs or whether it is because you are spending money on things which are not necessary and they are meaning that you go overdrawn.
This information should be enough to help you to be able to set yourself a budget. You should be able to work out what things you have to buy, how much money you have and whether you have any left for other things. Make sure that you allow for everything and then decide how much money you would like to spend each month. Preferably it will be less than you earn and then you will have some money to pop into a savings account and you can use it if you get into a situation where you need a bit extra, rather than going overdrawn.
Monitor your bank balance
A good way to make sure that you do not go overdrawn by mistake is to keep a check on your bank balance. This probably sounds really obvious but it can be an easy thing to forget. Some people can check their balances on an ATM machine and it can be a useful thing to do before taking out money. However, more and more of us just use cards rather than bothering much with cash and so do not use cash machines. In this case it can be sensible to keep track of it in another way. If you have a banking app or use online banking on your PC then this can be n easy way to check. Otherwise you may rather check using telephone banking.
If you have a direct debits for your bill payments and they all go out just after you get paid, then this can really help. You will then know that there will be money available when you need it to pay your bills. You will also find that your bank balance is not such a big shock as you will know which days in the month that you will be paying out money.
See if you can earn extra money
If you are finding that you are going overdrawn a lot then it could be wise to see whether there are any ways that you can earn extra money. Taking out a payday loan even with bad credit is one option. By adding to your income it will mean that you will have more money available to spend. As long as you do not purposely spend more, this should mean that you will be less likely to go overdrawn or you will go overdrawn less often. There are different things that you could try in order to get more money.
You may want to try to get more from your current job. This could mean that you put in more hours or ask for a pay rise. If this is not possible then you could look for a better paid job. It may be easy to find some additional work. You may want to do something in the evenings or weekends to help to earn more money. It could be that you want to work inside the home, perhaps because you have family to look after and so you may want to look for online work. There are jobs available to do that way, although they may not pay as much money as a conventional job.
They can be a useful alternative though. It could be worth looking at a few websites to see what sorts of jobs are available so that you can decide whether there might be something that you would like to do. Of course, you could always start your own business, write a book to sell, rent out a room or something like that in order to generate some money. It is worth looking at all of the potential options as there will hopefully be one that will suit you.