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Managing an overdraft by changing the way you think

Posted by Phil Voice on March 11, 2013 at 11:48am in Business

I thought you might be interested in a mental technique I have developed for dealing with overdrafts.

During the time I had my company I used and considered an overdraft wrongly.

I remember when my bank manager first extended to me a limit of £1,000 on my then personal/business account. I immediately felt I had an extra £1,000 in the bank...and promptly started spending it.

Of course, some 25 years later, I know that this was never the case. I also know, to my cost, that an overdraft is a debt and it has to be repaid, plus interest.

It's an easy trap to get sucked into and if one isn't careful an overdraft can escalate out of control.

This Premium post will help you re-thing your approach to managing an overdraft and set you on the road to healthier business.

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Tags: business, control, limit, management, overdraft
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