As some of you may know, I had a small issue with Wells Fargo this past week. I was hit with a $10 fee because they’re checking account is not free. To meet the “free checking” requirements, users have to do at least one of three things:
- Two direct deposits totaling over $500
- Use a debit card 10 times
- Maintain a monthly balance of $1,500
I should note that after mentioning this on twitter, Wells Fargo contacted me and agreed to waive the fee for this month only.
This is the first time I’ve ever had to pay this fee because until recently, I’ve always used my debit card for purchases. A couple of months ago, I started using my cash back credit card for all purchases to start generating a passive income stream. If you’ve been to this blog before, you know that creating multiple income streams is a priority for me.
This issue, ladies and gents, is a wrench in my game plan. For anyone who has read this article, you know how much stock I put into having goals. And now it’s time to switch up that game plan. I need to roll with the punches, if you will.
I could just throw up the bird to Wells Fargo and take my business elsewhere. Unfortunately, all of my finances are automated and setting that up all over again is going to be a huge pain in my ass, especially when I’m very close to the $1,500 minimum balance.
Here’s the thing with that minimum limit. If you have just a single day where you slide beneath it, you will be charged the monthly fee. My account fluctuates so I was not maintaining that balance. The reason for this is that I’ve never been hit with this fee before so I completely forgot that the damn thing even existed.
I went a bit over budget in may, spending nearly $100 on craft beer. I just put up a new website for my writing portfolio, and I’ve gone out to eat a few times and even went to see a movie last week. So life has been pretty good.
But now it’s time to get serious. I’m going to put the minimal in minimalism and the I’m going to put the “g”, “f”, and “y” into frugality
(That one’s just for you, Wells Fargo).
So how am I going to do this?
The Great WAPH No Spend Challenge
The time limit – Effective 6/15 to 8/9
The challenge – I want to hit the minimum balance and have a cushion to make sure this fee doesn’t happen again. So my goal is to hit and maintain at least $1,800 by August 9th.
The nitty gritty – I will spend money on necessities only. No beer. No movies. I will allow myself one all you can eat chinese buffet in this period (6/17 lol). No more udemy courses until this goal is reached. All projects that I’ve started on or I’ve been planning to start soon will be halted until balance is met.
I will blog, freelance, and continue my acorns investments but that is going to be all until August 9th.
The debit card will be used ten times as to avoid the fee for the next two statement cycles.
It’s gonna be a grindfest, chappies, so buckle up.
How you can help
If you’re local, I will accept gifts of craft beer and samiches.
If you’re a loyal and loving reader, feel free to hire me for freelance services or go ham on my ads. Tell your friends and family about this blog and get them to go ham on my ads.
Realistically, moral support is fine and I thank you all for reading this blog on a regular basis and helping to keep me motivated to improve as a person and with my finances.
Wish me luck!