First up, do you have a list of your debit orders so you can plan each month? Start by reading Your Easy AF Budgeting Guide to learn how to draw up a budget. Then you’ll have a list of outgoing debits due each month, meaning you can plan ahead.
Avoid penalty charges or going into overdraft by prepping your accounts for these orders to go off. If your debit orders don’t come off your account immediately after payday, then ‘open a savings account attached to your existing cheque account and put aside money straight after payday to cover your debit orders,’ says Eunice Sibiya, head of consumer education at FNB.
And always double-check your debits once they’ve gone off. Companies are often guilty of overcharging, so check your statements next to your budget and query any unexpected amounts.
Are you often paid late?
Move your debit orders to a later date in the month, to ensure your salary has cleared before these go off. Many companies charge penalty fees for bounced debit orders, and your bank may also charge you a fee.
Know already that a debit order will bounce?
Get hold of the supplier ASAP and arrange an alternative payment plan with them. Many companies and creditors are open to negotiating payments if you have an upfront conversation with them in advance. You may also save on penalty fees by dealing with the issue head-on.
Apps to keep you organised
Bill Watch or Bills Monitor will tell you when monthly bills or debit orders are due. Download now to help keep you on track!
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