At lunch today someone in our group mentioned they looked at their account balance through the ATM right before they met us for lunch and that they were overdrawn again.

He was quite upset saying he hadn't spent much at all since he received his paycheck last Friday. ..and after being overdrawn before he was trying to be careful when he swiped his card. He was so mad that he was heading to the bank that afternoon to "have a word with them" thinking that the bank had made a mistake.

"Where's all my money going? I don't spend that much!"

I commented, "When was the last time you looked at your bank statement?"

His answer was a common one, "I never look at them."

I asked "Well then, how do you keep up with your transactions?"

His answer, "In my head."

It can be an expensive lesson when some banks charge $30.00 or more for each overdraft.

We discussed this as well. His last purchase on his debit card was at a local Sonic for a drink and his total was about $3.00. Not so. His bank charges $28.00 for each overdraft. That drink REALLY cost him $31.00.

I hope it was tasty.

While some of you may be shocked at this, it happens more often that you may think.

Common sense money matters tip for the day: How do you keep up with your bank accounts? Do you check your accounts online? Wait for a statement? Call an automated line? Check with your banker?

Do you write each transaction down so that something doesn't slip up? Usually the one's that slip up are those that you "forget". Especially with debit cards. A lot of people tend to swipe those cards as though it were free money and continue until the bank won't allow it anymore. Then these same people make their deposits and start the cycle all over again.

Oye ve....the charges they rack up over and over are tremendous!

If you don't keep up with your bank accounts...it can be costly.

It was for my friend. He had 10 overdrafts last month. Wonder what he could have done with $280.00? Thats about the same amount as his car payment.