Well, my paycheque hit my bank account this morning and it's gone now, or will be by the end of the month. I guess that's what happens when you're way into overdraft, to the tune of almost half your paycheque. I'm not happy about that, but I'm getting caught up on all my bills first and then I'm going to gradually get to the point where I don't have to go into overdraft before the next payday rolls around.
Really, if you think about it, my situation is uncomfortably close to that of people who get sucked into payday loans. I was fortunate enough to qualify for overdraft protection, which costs me 21%. They don't, and as a result, they end up paying around 300% interest. I can't even wrap my head around interest that high. Frankly, 21% sounds bad enough even though it works out to between 5 and 6 cents per $100 per day. For example, in October I paid $1.39 in overdraft interest and that was a month when I was in overdraft for a long time.
In the best spirit of Won't Wait Wednesday I plunged right into paying bills. I paid my Bell bill, the water bill and the $114 I needed to pay on my MasterCard. That doesn't leave me much to buy groceries with because there are other pre-authorized charges that will come out between now and the first few days of the month but I'm going to get Hubby to give me $100 to buy another Safeway card when he gets paid on Friday.