Do you ever get caught out with a bounced payment?
Every now and then I get caught out by a direct debit bouncing and it’s a good reminder of how I need to continuously check my account balances, and make sure there’s enough for the payments to go through.
So I wondered, apart from scrolling back through the internet banking transactions all the time, how could I keep track of these payments?
1. Add Them to Your Calendar
I use a number of calendars for work and home. It’s the home finances that often get forgotten, because I’m so busy at work.
We have a shared Apple calendar for the family, so I can set them up in there so that I can see the amounts when I look at my phone. This way, I can set them up as recurring calendar events, and it can be obvious if the amount changes, or if we want to cancel one, it’s a reminder every month.
I have used green as the colour as it’s the colour that best represents money.
2. Create a Manual Calendar
I am a fan of visual reminders on the fridge. Back when we still got paper bills (rather than emailed) I would pop all the upcoming bills on the fridge with a magnet. Most of our bills are now emailed and direct debited – meaning it’s not up to me to pay the bills (yay for simplicity)!
But, sometimes I overspend. And that means bounced payments.
A very visual option is to draw up a manual calendar picture for your fridge, showing all the dates of when and the amount for each payment.
3. Map Out a List of What’s Coming In and Out
Map out a listing of when the money goes into the account on pay day, and the total outgoing before the next pay day. This is a great method to work out what your average deposit needs to be if you’re using a standalone bank account just for direct debits. You might do it on a weekly, fortnightly or monthly basis, depending on when you get paid.
It might look something like this:
+In. – Out. = Balance
+165. – 65 = 100
+165. – 126 = 139
+165 – 220. = 84
+165. – 200. = 49
+165. – 65. = 149
+165. – 126. = 188
This calculates that the minimum account balance for this account is $49, creating a comfortable buffer in case of changes to the costs.
Pick Your Method
The best tracking method is the one you’ll actually use. Whether it’s your phone calendar, a visual fridge chart, or a spreadsheet, the point is to know exactly what’s going out and when, so you’re never caught out by a bounced payment.
Disclaimer: This information is general in nature and doesn’t take your personal circumstances into account. Always seek professional advice for your specific situation.
