Posts by Jamie Reyes7

Amanda Moore8 said:When it comes to falling into debt, your actual income isn't really the deciding factor—it’s all about your mindset regarding money. I have this friend who was pulling in $3333 a salary, yet she ended up $25,000 in the hole just because of a shopping habit. Then, thanks to the recession, her pay got cut, and you should have seen the absolute panic. On the flip side, another friend of mine makes a $1.50 salary, but she manages to tuck something away every single month, even if it's just $33. It's all about discipline.

As luck would have it, about two years ago, I found myself carrying balances on two different credit cards through $8.25. Once I actually sat down and added up all those interest charges, I told myself, "enough is enough." I made this mental switch—just a total shift in perspective. I started scrutinizing every single cent and picking up some extra side gigs to boost my cash flow. I began asking myself these little questions, too—like, do I really need to head downtown for coffee four or five times a week? No, I don't. I can just make it at home or hit a local spot in the neighborhood where it's much cheaper. Do I need to buy a physical newspaper? Not really. You can find ways to save on your phone bill, too. These are all tiny things, sure, but when you tally them up at the end of the month, you can easily save a few hundred bucks. And when you multiply that by twelve months, you're looking at a pretty significant chunk of change.

I completely agree. It’s wild how much cash disappears on total nonsense. When you actually sit down and add it all up, it’s definitely not pocket change.😲

You really ought to run this by your personal banker, especially if both loans are held at the same institution like JPMorgan Chase

Sure, you can use pretty much any bank, though they'll hit you with fees. But if you use JPMorgan Chase, there aren't any.

I've got an account at JPMorgan Chase too, and they don't hit me with fees for transfers within the bank either.

brightbear8 said:Does anyone know if you can actually get an increase on your overdraft just by asking nicely?
I lost my wallet—all my cash went with it—and rather than going around begging friends for loans, I figured it would be easier to just lean on my bank. Is that even a thing you can do?

Don't hold your breath. Being polite won't change anything. Your limit depends on your salary deposits and whether you've actually been a reliable customer.

Nicholas Turner said:I’m bumping this to avoid starting a whole new thread. 🙂

I am trying to wrap my head around the exact math—specifically how interest is calculated using the comfort method on a monthly basis versus a daily basis.

For instance—let’s say I have $1,000 in an account, the interest rate is 10%, and the term is one month (I'll use nice, round numbers with a 1 just to keep things simple!). What would the total interest be at the end of that period?

If you put $1,000 into a one-month CD $0.00 at a 10% rate, you'll end up with about $2778
in interest when it matures.