Automate Your Bills Payments
With the hassles and bustles of life, it is common to fail to pay bills on time. Any overdue balance typically attracts a fee of between 10 and 15 percent. So if you are late on multiple bills, these accrued fees will add up quickly. It might be $10 here and $5 there but if you can save that, you can rest assured your saving account will be fatter. Paying your bills when due is one of the easiest ways to save money.
Pay your bills on time by setting up automatic payments. This move will go a long way in avoiding fees due to late repayment. Always check your account to avoid additional fees and account overdrafts.
Switching bank accounts
One way to save money is to avoid paying fees. If you are struggling to pay your monthly bills, these fees might hit you hard. In fact banks make huge profits from these fees. How can you avoid paying these fees? Simply by discerning the string attached. For instance, open an account that does not have a minimum balance or avoid minimum charges by carrying the minimum balance. Additionally, you may have to to make purchases above certain figures using your debit or credit card. It is also prudent to receive an electronic statement as opposed to hard copies.
According to 2018 Bankrate study, the average bank and thrift overdraft is $33.23. The best part is that you can avoid paying these and other fees. For example, you can simply stop overdrafts drafts and the immanent fees by opting out. Similarly, you can reduce using out of network ATMs by withdrawing cash in retailers and grocery stores.
Some bank gives you some bonus when you open an account. Keep an eye on this bank bonuses and check if you could get these bonus for meeting particular requirements or for opening a bank account.
Saving is a prudent step for future investment plans and preparing for unforeseen circumstances. You should, however, ensure that you are not dollar wise and pound stupid. That means that you have to ensure you are not saving on one side and then waiting on other expenses. Try to find ways to save even if it is just $5. They will add up and fatten your account. Follow the tips above and you will be happy you did.