The catch: You'll need at least some extra cash to open a savings account, and some banks have minimum requirements. And the bank will still charge you for the privilege. Each time you dip into the linked account, you'll see a fee of about $10. And linking it to your checking account can make it tempting to tap your savings when you shouldn't, said Gerri Detweiler, personal finance advisor at Credit.com.
"It's a good idea to have another savings account -- maybe online or across town -- that's completely separate from your checking account so that you have money somewhere that you really can't touch."
A line of credit: While a line of credit is similar to overdraft protection -- your bank extends you a small loan to cover any purchases made against insufficient funds -- it's a lot cheaper.
You'll still be charged for the service, but it's usually at a rate comparable to the interest rate on a credit card. Some banks also charge small fees for using the credit line.
"It certainly could be cheaper to open a line of credit with a bank even if you have to pay a small fee and interest," said Detweiler. "With overdraft protection, if you bounce a check it ends up costing you $25 a pop or more, and that adds up, so having this service could definitely be a better alternative."
Credit lines typically range between $500 and $2,000. To apply for one, all you have to do is ask your bank.
The catch: Not everyone can get one. They usually involve a credit check, so if you have poor credit, you're likely to be turned down, said Detweiler.
A cash cushion: Keeping extra cash in your account might be a no-brainer, but the real problem is avoiding the temptation to spend it. Detweiler recommends starting small.
Keeping, say, a $100 buffer in your checking account will help you deal with everyday expenses and unplanned costs, but it's not so much that you'd be tempted to use it, said Detweiler.
The catch: You'll need at least some extra cash.
A card-free life: Not only does using cash help you track your spending, but making regular withdrawals from the ATM forces you to keep tabs on how much is in your account.
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