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If you're like most people, you probably have a checking account. However, you might not be getting the most out of this common asset. These accounts can help you easily access your money and do a better job of managing it. This will hold you accountable for the purchases you make and help you be more responsible with your finances. All you have to do is keep a few simple tips in mind. You should try to use a debit card as much as possible. These allow you to access your checking account quickly and securely without the need to carry around cash or checks. You can use your debit card at places that don't take checks, such as gas stations, restaurants, and online stores. Debit cards also allow you to withdraw money easily from ATMs and stores that offer cash back, such as drugstores and department stores such as Target and Wal-Mart. Purchases you make with debit cards are deducted directly from your checking account, meaning that you will always know exactly how much money you have. There is also less risk of mismanaging your money and going into debt, which is a huge risk of frequently using credit cards. These accounts can also help you build your savings. If you know you'll have a certain amount of money there each month, you could schedule an automatic transfer to your savings. This is a great way to start saving money and keep track of how much you spend to make sure you don't overdo it. That way, if an emergency happens and you need extra money in the future, you will have it. Additionally, some banks also allow you to automatically transfer money into your savings each time you use your debit card, such as Bank of America's "Keep the Change" program. Another great way to make the most of your checking account is to start using online and mobile banking to keep track of your spending habits. Online and mobile banking allow you to monitor the amount of money you have whenever you want. You will be able to see a list of recent transactions, which can help you figure out ways to cut costs and curb unnecessary spending. Many banks also offer text reminders, such a weekly text telling you the amount of money you have or a reminder text every time your balance drops below a certain number. This is a great way to keep yourself accountable for your spending habits. It also encourages more responsible spending because you will constantly be aware of how much money you have and what exactly you are using it for. It's easy to overspend when you can ignore the excessive shopping you do, but it's much harder if you're aware of your purchases. When in need of a checking account, Saginaw residents turn to Wildfire Credit Union. Learn more at https://www.wildfirecu.org.
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