It is easy to believe that by putting our money into the many banks that exist, we are taking the secure and wise route to saving money. While opening up a bank account is a good idea, you should not forget that banks are for-profit businesses. They help give us the option of putting our money in a safe place, but they also can charge different kinds of fees to take away some of that money. By being aware of the different types of fees and requirements, you can become more aware of how to make wise transactions and use your money for the way you intended for it to be spent. |
If you have a current account with one of the many banks out there, check and see if your money is being deducted via fees and costs pertaining to their service. Do you have to pay to keep your money in the bank? If so, how much per month? Are you required to keep a minimum balance in your account? If so, how much? Make sure you check your balance each month and look for any transactions that feature deductions that didn't come the result of your own spending or doing. If you feel like you have to pay too much a month just to keep your money in an account, you may want to look for other options.
Another factor to take into your ability of saving properly is your own ability to balance your accounts. Do you find yourself issuing bounced checks? If you're not making sure your accounts have the money needed, you may find yourself paying large fees due to your insufficient funds and poor planning. Also, try to avoid using ATM machines from other banks. Even though it's easy to put your card in and get money out, these little fees from these type of transactions can add up and put a hamper on your account, leaving you with less money than you realize. Also, are you overdrawing on your debit cards? Often, banks will not inform you personally that your funds are running low, unless you have some notification system set up. Even if you don't have the money to cover a transaction, the purchase will still be made, and you'll find yourself paying large fees until you can cover the balance again. Keep daily track of your finances to avoid paying any frivolous fees.
In the digital age, you now have the option of checking your account status online. Take advantage of any online banking options your company provides. By logging in once a day to keep track of your financial situation, you'll always know the limit of how much money you can spend. Also, you can complete transactions that will take less time to complete behind a monitor, instead of waiting in long lines in person. By taking charge of your account, you'll find yourself less on the hook for fees from the banks and more in charge of your personal finances.
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