So I broke my bank this month. This isn’t a huge issue since it happens nearly every month since I never used to watch it and was transferring too much money into my home loan weekly.
This month is different though. I mean I did spend $260ish AUD on cards but I also spend $500ish organising my holiday next month and $240ish on registering a business name and domain name.
For some reason I thought all my payments came out on the 27th but they actually come out on the 23rd. One day before i get paid next.
Oh well live and learn I guess. I’ll just be negative for a few days.
breaking the bank is a yuck feeling, i did do it in my younger days when i was earning shit all and still studying. What is a big no-no in my books is going into debt over pokemon cards…
Ok story time.
I own two investment properties.
After I purchased the first one I made a weekly payment of $400 a week and I paid for my renters water bills along with my insurances. Little did I know was that I was also making monthly contract payments of $850. Since I never purchased anything online I would never check my bank account because what’s the point. So for about a year I was going negative in my account on a monthly basis. When i applied for a loan for my second property the bank were very keen to approve my loan. Saying I was very ahead on my first loan. Which I was, I had paid off nearly $40k which was a quarter of the original loan amount.
I decided to take a look at my bank account to pay a bill shortly afterwards and to my surprise I didn’t have enough money. That was because unknowingly I had been going negative every month.
TL;DR Was paying more money than I could realistically afford every month off a loan. Ended up only learning a year later. Still trying to play catchup
