Quote:
Originally Posted by Alan A
you can guarantee that $ will be pulled at the worse possible time and you’ll go negative it’ll be declined and you’ll get hit with a bunch of fees.
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yep
I've done budget management for people in debt.
one way they will often work to manage payments is the envelope way
paycheck comes in
on that day put all the money in enveloppes
rent in 1 envelope
water bill in another
electricity
dept payments
etc etc
A lot of poor people do this, because to some extent it works for them to visualize their finances, and decide priorities.
With money in an account, they'll often loose track of things that suddenly get jacked off the account.
It's all nice if you are computer savy and got an XLS sheet with planned payments, and that way keep track of the forecast. but for a lot of poorer people they either don't have the computer to begin with, or don't have the ability to use it for this purpose.