Most people never look at their bank statements or the amount of bank charges that they are using on a day to day basis. Yet one of the quickest and most efficient ways to save money is to become aware of how much money you’re actually spending on bank charges.
1. Check your bank charges
The first step to saving on your bank charges is to do a mini audit of your bank statements. Go through each bank statement and see how much you’re being charged for specific transactions. Then calculate how many of these transactions you’re using on a monthly basis.
2. Check for free transactions
Depending on the bank you’re with they occasionally have unlimited free debit card transactions. If you’re constantly withdrawing money to pay for goods, rather consider paying with your card. Make sure you know exactly what the cheapest charges are and then change your habits accordingly. If you need to pay with cash, try to only withdraw cash once a week instead of several times a week.
3. Don’t use your credit card
No matter how tempting it might be to purchase that pair of shoes on your credit card, you’ve got to resist it. One of the biggest financial hurdles on a personal account is the credit card debt. If you do have a rather large credit card debit, start paying it off every month until it’s gone for good. Make it your priority. |
