Advertising
Advertising

10 Easy Ways To Save On Banking Fees Today

10 Easy Ways To Save On Banking Fees Today

Today’s consumers are in a frenzy over the rising costs of almost every necessity: groceries, gas, child care, insurance premiums, and so many others that there’s not enough paper to list them all if we tried. An additional cost to watch out for – one that many of us may have overlooked – is banking fees. Without you even noticing, your bank account may be hit with hefty monthly checking or savings account fees, ATM fees, overdraft protection fees, or the most embarrassing of all: bounced-check fees. This list will open your eyes to 10 easy ways that you can save on banking fees and securely (re)build your bank account.

 1. Bank online.

Most banks give their members the option to receive any bank updates or notifications online, allowing you to stop bank statements from being mailed to your home. Not only will this save paper, but it will protect your confidentiality. Your bank may even “have an app for that!”

2. Exclusively use your bank’s ATM.

Doing so will reduce ATM usage fees that normally start at $2.00 per transaction when using machines not approved by your bank. If your bank doesn’t have an ATM inside the building, ask them for a list of machines that you can use for free.

Advertising

3. Pay bills online.

Almost every creditor or company requesting payment from you has an e-commerce site that will allow you to pay online or by telephone. While some may charge a small fee for this convenient service, most do not, which will save you money and time in the long run.

4. Eliminate overdraft protection.

Overdraft protection sounds like a good idea until a minimum $30.00 fee hits your account per transaction! Eliminate this option from your plan and only spend the money you have, when you have it.

5. Change your spending habits.

Experts and TV shows like Extreme Couponing and Till Debt Do Us Part teach us dozens of ways to alter our spending habits and save money. This means no more frivolous spending or mindless shopping “just because.” While it may be a tough transition in the beginning, adjusting the way you spend money will teach you the discipline you need to create a sizable nest egg for years to come.

Advertising

6. Request temporary removal of any banking fees or reduction of interest rates.

You’d be surprised at how many fees you can get removed from your bank account by simply asking for it to be done! Explain to your bank that you’ll be cleaning up your spending habits, and request that they hold off any fees or reduce large interest rates for a period of time.

7. Control automatic payments.

While automatic payments from your account are convenient, they can pose a problem if your funds are unexpectedly low. It is wise to constantly monitor your account to ensure that there are enough funds to cover your expenses. If there aren’t, however, you should cancel automatic payments until you’re ready for them.

8. Use cash whenever possible.

Using cash keeps you mindful of your bank-account balance, and ensures that you won’t overspend on frivolous things and become unable to pay your bills.

Advertising

9. Pay for trips and big-ticket items in advance.

Paying for trips, rent, or things that would otherwise warrant a payment plan up front will reduce the chance of overdraft fees being piled onto your account.

10. Allocate funds for specific needs.

Similar to checking and savings accounts, creating sub-accounts (or using the envelope method) may help you save on banking fees. List your monthly expenses, and set aside funds for the next month to cover each need. Not only could this help you pay bills in advance, but it will also reduce any potential fees that may occur.

Advertising

 

More by this author

10 Amazing Ways to Use Coffee Grounds You Didn’t Know About prevent-breast-cancer Every Woman Needs To Know This Professional Advice on Preventing Breast Cancer 10 Easy Ways To Save On Banking Fees Today How To Find Motivation In Challenging Work Environments 7 Things Modern Women Look for in a Man

Trending in Money

1Top 10 Recommendations on Money Management Apps 2How Much Should I Spend on Rent? Find Your Answer Here 3How Much Money Do I Need to Retire? Find Your Answer Here 4The Ultimate Guide to Make Saving Money Fast and Easy 56 Easy Ways to Treat Yourself

Read Next

Advertising
Advertising

Published on July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

      Advertising

      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

          Advertising

          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

                Advertising

                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

                    Advertising

                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

                      Read Next