If you consistently live from one paycheck to the next, you might have found that you overdraft from your bank account more than is deemed normal. While most banks offer overdraft protection, the fact that you're constantly going in the red as far as your balance is concerned is a problem that can accrue various fees and penalties. There are several ways for you to eliminate this problem and prevent overdrafting from your bank account.

Opt Out of Overdraft Protection

This particular type of protection was put into place to offer some type of safeguard against fees and penalties that you might incur as a result of taking out too much money. The problem with this protection is that some people take advantage of it and don't necessarily make changes to their spending because they figure they're covered. By eliminating this overdraft protection, you'll have more incentive to change the way that you spend.

Keep an Eye on Account Balances

If you tend to spend a lot of money or have multiple people linked to the same account, you can easily withdraw too much without even realizing it. This is why it's critical that you keep an eye on all balances as often as you can. This entails getting in the habit of watching your account so that you can be aware of any changes to the balance. Most financial institutions offer some type of mobile banking, which makes it easier than ever before to keep a close eye on your money and where it's being spent.

Create and Stick to a Budget

Budgeting involves taking both your income and debt ratio to figure out what you're left with at the end of the month once bills have been paid. You will find that knowing what and how much you can spend will make an enormous difference in your account balances. If you currently have a lot of debt, you may want to consider either refinancing or consolidation. For people with old student loans, consolidation enables you to lump everything into one. This makes the payments easier to afford and less confusing.

Get Rid of Excessive Spending

Excessive spending might be done without you even being aware of it. For some, they have signed up for different subscriptions services and are accumulating fees and charges all the time. Another reason you might be having issues is because you eat out all the time rather than cooking at home. By making small changes to how you use your money, you may find that you can avoid overdraft fees a lot more easily.

Set Up Overdraft Alerts

Many banks offer alerts to those who are on the brink of going underneath their current balance. These alerts can be sent to phones, emails or even by calling you at home. The benefit of these alerts is that you can get onto your account and transfer money to the overdrawn balance to prevent incurring fees and penalties. If you notice that you're receiving a lot of alerts, it might be time to start making some lifestyle changes.