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No matter your financial situation, it’s always a letdown to spot an extra bank fee on your monthly bill.
Take back control of your finances this year and learn to dodge those pesky overdraw and credit card fees with the following money-saving tips.
1. Review your account balance frequently.
It’s easy to lose track of how much money you have in your account if you’re not checking it regularly! Start a habit of glancing at your account each morning, and you’ll not only be more likely to spend within your means, you’ll also be aware of any possible fraudulent charges.
2. Always budget in your monthly payments and automatic charges first.
If you know your gym membership fee is charged to your account the first week of each month, set aside money for that upcoming withdrawal before making other purchases. Don’t forget that PayPal charges can take a few days to show in your account, so keep that amount in your account for the upcoming withdrawal.
3. Schedule payments to correspond with your income deposits.
Whenever possible, align the dates of your automatic withdrawals or loan payments with your cash flow. Then, if you blank on an upcoming automatic charge, you’ll be more likely to have the necessary funds at the ready.
4. Set payment reminders in your agenda, calendar or phone.
.This will make it easy for you to map out your expenses for the month and stay on top of your payments. No late fees here!
5. Switch to online banking if you haven’t already.
When bills come in the mail, it’s easier to lose track of what you owe or rack up late fees. By using your bank’s phone app or logging into your account online, you can make payments whenever, wherever, and keep tabs on your balance.
6. Do your research before signing up to a new card or plan.
Some cards or loan plans come with steep interest rates or monthly fees, so make sure you know what you’re getting yourself into before registering. If you’re looking for an affordable loan to suit your budget, check out our customised options.
7. Keep an eye on your credit card limit.
You don’t want to accidentally max out your credit card! Make sure you know how much wiggle room you have left before you run errands or splurge on a gift.
8. Only use ATMs that correspond with your bank.
There is often an extra charge for using an ATM that isn’t affiliated with the same bank as your card, and though the fee is only a few dollars, every bit counts when you’re trying to save. By avoiding the fee, you now have money for a coffee!