The low checking account, we’ve all been there. Often times a little too much than what we’d like it to be. It’s difficult. We stretch the dollar and are forced to wait until it’s payday again. This is how you overcome a low checking account.
What makes a low checking account an annoyance is that it temporarily prohibits us from doing well, pretty much anything.
From stocking up on groceries, to getting that car wash, or even indulging in a nice dinner or date night.
Before we look at ways to overcome a low checking account, lets look deeper and find the root to this uncomfortable time in our lives.
Ask yourself this very important question.
How am I spending my earnings after the bills are paid?
Are you keeping track of where your money is going? How often do you check your online banking?
Use your mobile banking app
A great way to know exactly where your earnings are going is to be conscious about your spending habits.
This is going to help you understand where you can cut back so that you aren’t leaving yourself with little to nothing in your checking account.
Why you should overcome a low checking account today
Having a low checking account is uncomfortable, it doesn’t feel very good. Some of us might be nonchalant about it but others feel our confidence take a dive.
It feels good to have money in the bank. Money provides financial security and allows us to direct that energy towards experiences that bring value into our lives.
So, how do I overcome this financial stress?
It’s important to understand that many times a low checking account is the result of our poor spending habits.
We must keep our spending in check.
Set a budget to enhance your checking account
Grab a piece of notebook paper and jot down your take-home earnings. Now, write down all your expenses and bills. Subtract your expenses and bills from your net earnings.
The leftover is the amount of money you have to manage appropriately. If you’re barely making ends meet check out our ‘Side Hustles‘ tab to see how you can begin to earn additional income on the side.
Use your mobile banking app
Remember, you can use your mobile banking app to determine where you can adjust your spending in order to avoid a low checking account again.
Once you’ve managed to identify where you can cut back on spending, develop a habit to stick to your budget.
Your budget will automatically enhance your checking account when you adjust your spending habits.
Avoid using credit cards
Credit cards tend to end up becoming just another bill. Another bill you don’t need, really.
Do you know how good it feels not having to payoff a monthly credit card bill? It feels amazing. Can’t you just finally breathe thinking about it?
Especially avoid using credit cards from outlets and other fashion and clothing stores. You don’t want to be in debt to your own threads.
Learn to use a credit card responsibly
If you’re new to credit cards you don’t necessarily have to avoid them completely, you just have to know to use them responsibly. Otherwise, you can sink in quicksand faster than you can say Frank Nez.
How can I get by with a low checking account?
There are many ways you can get by with a low checking account. You will need to make a few small sacrifices. Some of which you most likely aren’t used to yet. However, they’re guaranteed to work.
After every pay period, make sure you rack up on groceries. This will help you meal prep throughout the weeks.
Home cooked meals will feed your checking account because it will limit how much money you spend on fast food for lunch outside of home.
Save at the pump
You can navigate with a low checking account by filling at the pump only what you need to get by.
That is until your pay period allows you to fill up your tank.
By partially filling up you are able to stretch your dollars worth in case you need it. It’s an option you can opt for if you are barely making ends meet.
Avoid unnecessary spending
While this might seem pretty obvious, it’s quite hard for most people. Do not derail from this goal. If you want to overcome a low checking account you’ll need to discipline your spending habits.
If something was originally $50 and it’s on sale for $25, you didn’t save $25. You spent $25… Yup, that’s perspective for you!
Remember, this is only temporary
Or at least it should be. Are you constantly living paycheck to paycheck?
Work towards coming up with a solution to your problems. Do you need to lower your overhead? Perhaps earn more money, even?
If you’re new to this blog you’ll be relived to know we write a lot about ways you can become financially stable.
This is why we provide our readers with a group of helpful posts designed to help them achieve financial stability. You can check them out on our ‘Financial Stability’ tab here.
Key points to overcoming a low checking account today
- Make it a routine to budget
- Discipline your spending habits
- Be conscious of where your money goes (check your online banking)
- Meal prep
- Increase your income
Overcoming ≠ to get by
In the end, the goal is to overcome a low checking account, not to get by with it.
Overcoming it will require you to mainly change your spending habits and how much you consume in terms of overhead.
The two best solutions to overcoming this stressful situation is to increase your income and budget accordingly.
Maybe you don’t even have to increase your income, perhaps you simply haven’t been managing your spending wisely.
On the other hand, if you’re only making enough to get by then increasing your income will be your best bet to becoming financially stable.