Finding Little Ways to Save Money by Reducing These Fees
Once you know what fees you are dealing with, it is simple to cut them down to size or even eliminate them altogether. Here is a list of ways to manage these fees so you can save money:
1. Maintaining an up-to-date record of your checking account is a huge way to save money
a. Log every transaction that moves to and from your checking account the moment you initiate them or anticipate them to occur (for recurring transactions)
b. Remember to include ATM fees your bank charges each time you make a debit withdrawal
2. Limit the amount of transfers to and from your savings account to within the limits set forth by Regulation D.
a. Make no more than 3 transfers to your savings from your checking account
b. Try not to use your savings account to pay third parties, such as bills, if at all possible
3. Only take cash advances from your credit card in the case of an emergency. That $20 for the movies is not worth the fees assessed in the long run.
4. Paying your credit card bill on time to eliminate late fees and to maintain your low APR can save you money through the life of your credit card.
5. Use your pre-paid debit cards wisely as a little way to save money.
a. Eliminate frequent load fees by loading larger amounts sparingly. Loading $200 twice a month with a $5 load fee instead of loading $100 four times a month can save you $120 a year in load fees.
b. Opt for POS cash back instead of using ATMs( also useful for checkcards/debit cards). You may only receive the fee assessed for purchases. However, banks are becoming hip to this trick so be watchful for updates in your terms and conditions.
6. Enroll in on-line banking
a. On-line banking offers easy tracking of funds movements to stay on top of discrepancies between your records and the bank’s
b. Make use of automatic bill payment if available to avoid late payment fees and biller payment processing fees
These are just some of the fees, both common and hidden, that eat away out our funds frequently. Pay attention to the seemingly junk notices coming from your bank and billers as there may be term changes that can impose new fees. Above all, be prudent in your spending, and keep accurate and up to date records of all transactions. With continual practice of these little ways to save money, you can save hundreds of dollars each year and have peace of mind while spending.