Sloppy banking can cost you
September 18, 2008 by Jennifer Chait
Filed under finances
If you bank at all, and I’m sure you do, then make sure sloppy bank habits aren’t crushing your budget and savings. Sloppy bank habits may include things like:
Not recording all transactions in your checkbook immediately. If immediately is too soon, at least get into the habit of sitting down each evening for 10 minutes and recording your daily transactions. Missing even one purchase, on a tight budget, can make a mess of your account with issues like overdraft fees.
Falling for silly saving deals: Programs like “keep the change” and auto savings may be handy and force you to save, but if you don’t keep track and record correctly, you can run up fees. If you’re a little lazy, don’t apply for auto deduction programs run by your bank.
Banking away from your bank. If you know you’ll need cash, get it from your bank ATM, not some store ATM that charges you for the cash privilege. These fees add up, so plan ahead for stops at your own bank, or simply carry a check card.
Not understanding your accounts. If you have no clue that your bank charges you a fee when your account falls under a limit, that’s a problem. If you aren’t sure how many checks you can write a month, you should know. Know what rules apply to your accounts, and change accounts if it’s not working for you.
Signing up for automatic bill-pay: Automatic bill-pay might seem like a great plan, and in some cases it can save you cash, with companies offering discounts for auto-pay. However, the big problem with auto pay is that people often one, forget to record their deductions each month, and two, auto pay can follow freaky schedules making it hard to keep up on. A better choice is to sign up for online bill pay to save money on stamps (and to save paper) BUT to go online and pay your bills yourself each month, writing down transactions as you go. It’ll only take about an hour of your time, if you do it all at once, and you’ll be sure where your account stands.
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