How many bank accounts, credit cards, loans and other bank products do you have? What are the monthly or annual fees on each? How often do you overdraw your accounts and incur extra fees?
Take some time today to review your banking habits and see where you can save money.
1.) Switch to 0% credit card options
If you have a credit card and you don’t pay it off in time, switch to a 0% one and clear it. No amount of ‘rewards’ are going to cover the extra interest you are paying carrying that debt.
2.) Negotiate on all your fees
If you don’t ask, you won’t know. Give your bank a call and see if they can do a better deal, reduce your fees or offer a better package. If they can’t, evaluate what you really need in terms of accounts and shop around. The amount of free bank accounts that are out there means you really don’t need to pay fees.
3.) Close any accounts you don’t need
If you aren’t using them, get rid of them!
4.) Make a plan to reduce the debt
If you are carrying debt, what is your plan to pay it off? Transfer all excess income, money you make from selling stuff, extra jobs you take on and get rid of that debt asap.
5.) Talk to your banker or broker to get a better deal
As mentioned in tip 2, negotiate. On top of that, some banks still have great customer service and reward for loyalty. It is worth it to get to know your banker and find the best options for you.
This post is part of my challenge to make or find an extra $100 a day. With my banking, I moved a few things around, saved $10 a month on one account and have thrown the savings from yesterday onto a debt I have. So not a $100 day but over the year this will save me $120.
Total on day 2 for the challenge is $360 (I am only counting the bank fee saved this month instead of what I will be saving annually.)
Are you doing the challenge? How much have you saved so far?