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Last week, I had a moment of panic when a vendor payment was about to bounce because a client’s deposit got delayed again. It made me wonder why I hadn’t set up any kind of safety net before. I remember someone here mentioning that they handled a similar issue with some kind of overdraft setup. If that was you — how did it actually work, and did it save you in a situation like mine???
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Oh yeah, I’ve been there — cash in, cash out, but never quite lined up. What helped me was setting up an overdraft line of credit tied to my business checking. I learned all about how it works from here: https://eboostpartners.com/what-is-an-overdraft-line-of-credit/. If you’re wondering What Is an Overdraft Line of Credit, it’s basically a safety cushion that kicks in automatically when your balance goes negative. It saved me from declined transactions more than once, and the flexibility in repayment was a huge plus.
Totally feel you on this—late client payments can really throw a wrench in things. I’ve been there! An overdraft line of credit can be a real lifesaver in moments like that. It’s kind of like prepping early for your MA Education Dissertation Topics—having that backup plan makes everything a bit less stressful when crunch time hits. Hope you get something set up that helps take the pressure off!