I have since become much more financially stable, but there was a time when I was definitely overdrafting my account frequently, and it was pretty irresponsible. Opening the business owner’s account meant that I never had to pay that money again.

In regards to this topic, I’ve had my fair share of overdraft fees over the past few years. I do silly things, like buy stuff that I definitely don’t need, and then I get to pay much more to my bank. I’m sure that my bank just loves me. [sigh]

Anyway, my spending weakness is for Japanese stationery and plushes. I don’t mean Hello Kitty; I mean hard-to-find, weird designs like pancakes with faces. It’s horrible to spend money on such impractical things, but I do it anyway. I ‘need’ my cute fix. I’ve been fortunate (I suppose that’s the right word) to have a ‘built in’ fear and distrust of credit cards, so I’ve not yet had one (I’m a month away from being 24). I love not having any debt, but I’m definitely not a saver, and really, really need to become one. I know that credit-when handled responsibly-is important, but I don’t feel ready to have that responsibility.

Thanks again for the site!

I had a habit of using my debit card all week and then wondering where the heck it all went. I setup a simple Excel spreadsheet and kept every receipt. Each night I sit down for 5 minutes and enter every transaction into the Excel log. Once a week (if not more) I login to my online banking to make sure it balances out. I always know where my money is going. It’s also good to enter in your monthly bills and automatic payments, so you’ll know what’s coming down the road. It doesn’t have to be fancy, just a few columns for date, description and amount. Once you have been doing this for a while, you can create a chart or graph every once in a while to see just how much you’re spending on gas, food, etc.

As far as cash management, I’ve always kept a base amount in the checking accout to avoid overdrafts due to minor errors, plus keep a list of what is due at the start of each pay period (and another list of what has been charged on credit cards over that previous period) so I can be sure all bills have been paid on time. The first name on the list is Vanguard, so the investing is taken care of first.

KCDesi

My Blackberry is more current than my bank account as I use my debit card for most purchases. Previously I would check my account online to be told I had “X” amount available, then I would spend “Y” amount. I would then find out a “Z” transaction had gone through. X+Y+Z=lots of overdraft fees!

I now check my balance on my phone before checking out at the register or ordering food. And then immediately after getting the receipt I enter the info.

The result is that I am no longer paying overdraft fees (huge banking scam there!) and I now know where my money has gone to and have modified several “bad” behaviors i.e. eating out constantly.

There are several third-party personal finance programs for smart phones and as soon as iPhones 3rd Party software program begins I’m sure there will be one available for iPhones. Be sure to understand the privacy and security issues with using these programs (if your phone gets stolen, hacked, etc…).

My greatest weakness? Buying stuff to make things. I knit, sew, quilt, spin fiber, dye yarn, cook, make jewelery, etc. and I’ll swear that the part of my brain that would normally notice how much things cost, shuts off when faced with the supplies for the project I’m about to undertake. Truth be told, I don’t want to know if I’m that close to getting my crafty fix.