Get Out of Debt - Money That Multiplies

Get Out of Debt - Money That Multiplies
By [http://ezinearticles.com/?expert=Wolfgang_O]Wolfgang O

Today we're going to talk about money that multiplies. It sounds like a crazy Ponzi scheme, but this money does exist. If you're like many modern Americans, you are living absolutely on the edge. You might make $9 an hour, or you might make $90,000 a year. That's not the issue. The issue is that, within a few days of depositing your paycheck, you're playing a bank fee avoidance game that can only get you in trouble. When you're hungry, you don't have enough money for a $150 grocery shopping trip, so you pick up a frozen dinner from the gas station on the way home.

If you are living on the edge, you might say that it's impossible to get ahead. You want to save, but you've heard that it makes no sense to save when you're paying on credit cards that are racking up interest charges. This is bad thinking.

Think about how many banking fees you've paid over the course of the last year. Maybe you only went negative once, and paid $30. Maybe you went over three times, and bounced another check each time, to the tune of $150. Or maybe you're really a habitual offender, bouncing a check every couple of weeks for a total of $625 a year.

What does this mean? This means that if you could just get enough savings to cover your bounced checks and automatic withdrawals, that money will multiply! Even if it means a month of eating Ramen noodles and peanut butter and jelly sandwiches, you have to figure out a way to set up a savings account with $100 in it. Then make sure you have overdraft protection. Ordinarily, I would advise that you just leave the $100 in checking, but in this case, it's worth paying for overdraft protection services, because you're less likely to succumb to temptation with the hundred bucks in a separate account.

It may not feel like it, but that $100 will pay for itself, many times over.

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