3 Steps to Address the Immediate Problem
1. Get money in your account ASAP.
The important thing to do after overdrawing your account is to get your balance positive again. However, there is a right way and a wrong way to do that.
“Your overall strategy is to solve the problem without creating a new one,” says Kelsa Dickey, a financial coach and owner of Fiscal Fitness Phoenix. That means skipping payday loans or other ways of getting cash that will put you in debt. Instead, try one of these methods.
Transfer money from another account. “I see it all the time where people overdraw one account, but they have money in another account,” Dickey says. If you have cash stashed in multiple accounts, the easiest way to solve your problem is to transfer funds from an account in the black.
Sell something. If you don’t have money in the bank, you may have it in your house in the form of used, but valuable, stuff. To get the cash you need, try listing some items on Craigslist or a Facebook yard sale site. If you don’t want to wait, look for a local pawnshop or a consignment store that will buy items outright.
Pick up extra work. Another way to get money for your bank account is to work some odd jobs. Ask friends or neighbors if they’d like a baby sitter for the evening or maybe need lawn work or house cleaning done. It may be embarrassing to ask, but Dickey says “you have to eat your pride a little when something like this happens.”
Cash in your change. Do you have a change jar that’s collecting dust in the corner or has been holding your vacation fund? Now might be the time to cash that in.
Call your house of worship. Depending on the size of your money problem, you may want to pick up the phone and call your church, synagogue or wherever your practice religion. Dickey says she often sees people who generously donate to their church but hesitate to ask for help. Keep in mind that many religious institutions have a fund set aside specifically to assist members in need.