i make 50k a year yet have had money problems always,?

Question

i just had an electronic debit come in , it was for $52.50 i only had $52.28 why could'nt there have been 52.51 in the bank just this once... now i owe $25 more. what kind of carma is this and how can i stop it.

Answer 1

You can stop it by getting control of your spending. If you're really serious, you should contact a financial advisor and get serious help. There's no good reason why you should have trouble living on 50k a year.

Answer 2

The bank may not refund your charges if they are excessive. You make good money - way more than I do and I manage to maintain myself without being overdrawn in the bank. If you know you don't have enough or maybe might not have the spare few pennies to cover your expenses simply hold back, have a little self control and don't spend money you don't have. Maybe you can set a separate savings account that you do not have access through either electronically or through ATM. The bank can automatically withdrawal whatever set amount on whatever set days your paycheck is deposited in the bank. Start small like $25 a week which isn't all that much but in a month its $100. In a year its $1200. Once you see your savings balance add up you may want to throw an extra $10 or $20. Its not much but adds up quickly!

Answer 3

Oprah had a great show a few weeks back about Debt Diet and budget and I think there's a website for it just google it. That will help you out in the long run. BUT WHAT ARE YOU DOING WITH YOUR CASH.

Your house bills, rent or mortgage, water, electricity, cable, internet, etc should come in 35% of your salary. If you are over that amount that could be why.

STOP SPENDING...this is very important. Here's what to do, GO TO THE MALL and leave your wallet at home take your liscense. Just stop spending.

CALL YOUR CREDIT COMPANY - THE INTEREST THEY GIVE IS OUTRAGEOUS, 5 mins on the phone and they reduce that just by saying " **** YOU I'M GOING TO VISA ".

Have a budget plan? Do you travel for work? gOT A CAR, MAYBE GAS IS IN YOUR *** AND YOU SPEND TOO MUCH ON GAS. Try to carpool.

STOP EATING OUT. I can get by a week by spending $150 at the grocery store. A WEEK. Hungry Man dinners cost like $5 but you can cook real meals too.

YOU GUYS ARE STUPID. HIS QUESTION ASKED HE HAS MONEY PROBLEMS NOT HOW TO FIGHT THE DAMN BANK

Answer 4

Man, please.

This has absolutely nothing to do with carma and everything to do with the fact that you are treating the symptom instead of solving the problem.

If you make 50,000. That is over $4,000 a month BEFORE taxes. Do you realize that you make almost $20,000 more than the average American family?

To whom much is given, much is expected.

You are expected to buy what you need.
This is much different than your belief that entitled to buy what you want without thinking of the long-term consequences (including NSF fees!)

If you make $50,000, at least 10% of that should be going into savings annually.

And by savings I don't mean save to spend on car accessories or on transient women.

Second of all. You need to complete a budget. Go to www.cnn.com under the Money section and they have an excellent spreadsheet to complete and follow.

A budget is not meant to control you but to FREE you from the foolishness of fixating over a $52 electonic debit from your bank.

The larger picture is that you are living beyond your means and you need to stop making impulse purchases and list what your values and goals are and take a long, hard look at your purchasing patterns and determine where you are out of alignment.

Eliminate frivilous non-value added purchases and stop purchasing items that tend to depreciate over time.

Furthermore, get rid of extra tech-gadgets that could be ruining your budget.

Finally, assess your car and house, if you have bought TOO MUCH CAR or TOO MUCH HOUSE, then it's high time you do a Corporate America move.

DOWN-SIZE and eliminate the fat.

Answer 5

WOW you make 50K a year. And you dont even have $100 in your pocket or bank?

I would strongly suggest that you reconsider the way you live. Sounds like you need to take a look at the BIG picture in your life. And start with some cut backs. Major cut backs. I am sure you are not driving an Escort.

Answer 6

My advice is to change your choices. Many people who have not had to live on a tight budget do not learn the skills and choices that make their money go farther. The first change I would recommend is cut back on instant gratification. This is a way of thinking that may be difficult to assimilate but in a nutshell you have to take the old adage "anything worth having is worth waiting for... ", to heart and apply it to everything. Make it your mantra. Don't rent if you can buy. Renting means the money just disappears and you have to keep paying. If you buy a house instead of renting a house - you have built equity, if you just rent - after ten years you still have nothing.
If you want to eat a nice meal take time to make it at home, if you can't cook, learn to do for yourself. Most things people can do for themselves if they try... If you want to buy something save up for it, don't buy on credit. It is usually the small expenses that need to be watched in most peoples budgets because most people are able to save up for vacations or plasma TVs and other expensive 'stuff'. Many people don't think anything of small expenditures however and it is these that can fritter away your savings. Carefully consider your expenses by tracking where you money is spent for a month or two. Analyze the patterns of your spending and see if you are spending more than 25% of your income on debts like credit cards, car payments, etc. and take real effective steps to live within a new budget that leaves you a surplus at the end of the month. Avoid entertainment costs like going out to clubs and out for dinner or movies or even pay-per-view, unless they are within the amount you budget for that each month. If you have spent your entertainment budget for the month, do without. It's really just a matter of learning to spend responsibly as well as earning responsibly.

Answer 7

Any money problem solution is simple... spend less than you make. Since you are making 50K, I assume your after tax is about 35K. To get out this immediate issue do the following
1. Talk to the bank about overflow protection via a credit line account
2. do not use a debit card always use cc.. and don't use credit card as free money
3. start spending less than you make each month which is about less than 3K. Assuming 30% goes to rent/mortgage, 30% goes to food and car and rest goes to others.

If you are going to spend anything that is one time.. need to plan and make sure you have money in the bank before you spend it. So no IMPULSE BUYING...

Answer 8

I used to work at a bank, but now I am a CPA.

My best advice to you is to read a book called The Millionaire Next Door. It is a great book had some valuable insights on personal finance!

Second, if you know how to use Excel, I would suggest tracking your spending for a few months to see exactly where your money is going.

Answer 9

Whatever you do, don't go into the bank asking for the fee back - it's idiocy like this that makes bankers go mad!!! The bank can offer you more options, like ways to balance your check book and financial advise - some even have personal financial advisors to help you budget. But, if you are not willing to make sacrifices and changes and hear some hard truths - then keep making me happy by getting charged because your paying my salary.

Answer 10

I wish i made 50k a year, you are very fortunate. You where a little short the situation could have been alot worse and you would have to pay alot more. If you are having financial problems maybe it is sometype of financial karma. If you believe in karma then you are a very open minded person. I myself practice buddhism. I would try chanting nam myoho renge kyo to change this financial karma. try it it really works