by Andrea Carson | Aug 30, 2023 | Finances
Escaping Bank ATM Fees: Tips to Keep Your Money in Your Pocket
Bank ATM fees can quickly add up and eat into your hard-earned money. However, with some strategic planning and smart choices, you can avoid or minimize these fees and keep more money in your pocket. In this guide, we’ll provide you with practical tips to escape bank ATM fees and retain control over your finances.
1. Use Your Bank’s ATMs
The simplest way to avoid ATM fees is to use ATMs owned by your bank. Most banks have a network of ATMs where you can withdraw cash without incurring additional charges. Use your bank’s mobile app or website to locate these ATMs conveniently.
2. Choose a No-Fee Bank Account
Consider switching to a bank account that offers no-fee ATM withdrawals. Many banks and credit unions provide accounts that reimburse ATM fees or offer fee-free withdrawals at any ATM. Research and compare different banks to find one that aligns with your financial needs.
3. Opt for Cash Back at Retailers
When making purchases at retailers, choose the “cash back” option at the point of sale. This allows you to withdraw cash from your bank account without incurring any ATM fees. While there might be a purchase minimum for cash back, it can be a cost-effective way to access cash.
4. Join a Credit Union
Credit unions often have fewer ATM fees compared to larger banks. If you’re eligible to join a credit union, consider becoming a member to take advantage of their lower or waived ATM fees.
5. Plan Ahead and Use Your Bank’s Branch
Plan your cash needs in advance to avoid last-minute ATM withdrawals. If possible, withdraw cash from your bank’s branch during regular business hours. This way, you can bypass ATM fees and obtain assistance from bank staff if needed.
6. Utilize Online Banking and Mobile Apps
Use your bank’s online banking and mobile apps to monitor your account balance and transaction history. This way, you can track your expenses and plan your cash needs more efficiently, reducing the frequency of ATM visits.
7. Set Up Direct Deposits
Many banks offer fee waivers or reimbursements for ATM fees if you have direct deposits set up to your account. Check with your bank to see if they offer this benefit and take advantage of it if available.
8. Consider ATM Alliances
Some banks participate in ATM alliances that allow you to use designated ATMs of partner banks without incurring fees. Check with your bank to see if they are part of any such alliances and use those ATMs when needed.
9. Avoid Third-Party ATMs
Avoid using ATMs operated by third-party companies or businesses. These ATMs typically charge higher fees compared to bank-owned ATMs.
10. Negotiate with Your Bank
If you’re a long-time customer with a good banking relationship, consider contacting your bank to negotiate fee waivers or reduced charges. Some banks may be willing to accommodate loyal customers to retain their business.
Conclusion
By being proactive and strategic in your approach, you can escape bank ATM fees and keep more of your money in your pocket. Utilize your bank’s ATMs, choose fee-free accounts, and consider alternatives like cash back at retailers. Planning ahead, using online banking, and negotiating with your bank can also help you minimize or avoid ATM fees. By implementing these tips, you can take control of your finances and reduce unnecessary expenses associated with ATM withdrawals.
by Andrea Carson | Jul 26, 2023 | Getting Out of Debt
Banking the Smart Way: Tips for Financial Success
Banking is an integral part of our daily lives, and the way we handle our finances can significantly impact our financial well-being. Whether you’re just starting your financial journey or looking to optimize your banking practices, adopting smart banking strategies can lead to greater financial success and security. In this blog, we will explore essential tips for banking the smart way.
1. Choose the Right Bank
Selecting the right bank is the first step towards smart banking. Research various banks and compare their services, fees, and interest rates. Look for a bank that offers convenient online banking options, low or no fees, and a robust mobile app for easy money management. Additionally, consider the bank’s customer service and accessibility to ensure a positive banking experience.
2. Open the Right Accounts
Diversifying your accounts to align with your financial goals is a smart banking practice. At a minimum, have a checking account for everyday expenses and a savings account for emergency funds and short-term goals. Explore options like high-yield savings accounts to earn more interest on your savings and certificates of deposit (CDs) for higher returns on fixed-term investments.
3. Utilize Technology for Money Management
Embrace digital tools and apps to manage your finances efficiently. Many banks offer budgeting and spending tracking features that help you stay on top of your expenses. Additionally, consider using financial apps that consolidate all your accounts, provide budgeting insights, and offer personalized recommendations to optimize your financial decisions.
4. Automate Your Savings
Make saving a habit by setting up automatic transfers from your checking account to your savings account. This ensures that a portion of your income is consistently allocated towards savings before you have a chance to spend it. Automating your savings makes it easier to build an emergency fund or work towards specific financial goals.
5. Monitor Your Accounts Regularly
Stay vigilant about monitoring your bank accounts regularly. Check for any unauthorized transactions or errors and report them immediately to your bank. Regularly reviewing your transactions also helps you track your spending patterns and identify areas where you can cut back and save more.
6. Be Cautious with Overdraft Protection
While overdraft protection can prevent you from incurring overdraft fees, it’s essential to use it judiciously. Opting into overdraft protection means the bank will cover transactions that exceed your available balance, but this service often comes with fees. Instead, focus on maintaining a buffer in your checking account to avoid overdrafts altogether.
7. Minimize Credit Card Usage
Credit cards can be useful for building credit and earning rewards, but they can also lead to overspending and high-interest debt if not used responsibly. Try to limit credit card usage to essential expenses and pay off the full balance each month to avoid interest charges.
8. Stay Informed about Fees and Charges
Banks may charge various fees for services such as ATM withdrawals, account maintenance, and wire transfers. Be aware of the fees associated with your accounts and transactions to avoid unnecessary costs. Some banks may waive certain fees if you meet specific criteria, such as maintaining a minimum balance or setting up direct deposits.
9. Protect Your Personal Information
Security is paramount in smart banking. Protect your personal and banking information from potential fraud and identity theft. Use strong and unique passwords for your online banking accounts, avoid sharing sensitive information over unsecured channels, and be cautious about phishing scams.
10. Educate Yourself about Financial Products
Take the time to educate yourself about different financial products and services. Understand the terms and conditions of your accounts, loans, and investments. Being well-informed empowers you to make wise financial decisions and ensures that you’re getting the most out of your banking relationships.
Conclusion
Banking the smart way is about making informed decisions, embracing technology, and prioritizing financial goals. By choosing the right bank, utilizing digital tools for money management, and automating savings, you can set yourself up for financial success. Stay vigilant about your accounts, minimize unnecessary fees, and protect your personal information to avoid pitfalls and maximize the benefits of smart banking. With these strategies in place, you’ll be well on your way to achieving your financial aspirations and building a secure future.
by Andrea Carson | Mar 29, 2023 | SAVE MONEY
-
Start with the 52-Week Challenge.
A simple method to start saving more money is to take the 52-week savings challenge. Saving money is so simple that you’ll unlikely notice it.
Put $1 in a piggy bank or savings account to begin during the first week of January. Then, increase your savings each week based on the appropriate number for that week. For instance, you might set aside $2 for the second week of January, $3 for the third, and so on. By December, you will have saved $49, $50, $51, and $52 weekly. At year’s end, this will result in savings of $1,378.
-
Change Banks
Not every bank is made the same. Community banks and credit unions typically provide more excellent interest rates and benefits. Do your research and switch to a bank that offers benefits because of this. Discover bonuses like no ATM or maintenance costs, high interest on savings accounts, and no overdraft fees.
3. Automate Your Bills and Savings
Your employer’s human resources division can split your paychecks across your checking and savings accounts. Set up an automatic deposit of a certain proportion into your savings account to get started. Moreover, interest rates on savings accounts typically outpace those on checking accounts. You must take care of things independently if you work for yourself.
-
Use a budget tracking app to set goals
establishing an objective, such as “Pay off credit card debt” or “Student loans. Create a workable, realistic plan for accomplishing it, which will aid in your commitment to the goal.
-
Put Your Credit on Ice
Do you need help controlling your credit card usage? And I do mean that. You need your credit card at some point, so you don’t want to get rid of it. Try putting your credit card on hold. Please put it in a bag with water and freeze it. In this manner, your card will need to defrost before use. This should give you pause before making a rash decision to buy something.
-
Look for yourself
Get some exercise, eat well, and sleep well enough. Start giving up bad practices like smoking. Exercise caution, such as washing your hands after using the restroom and getting regular examinations. Make that dental appointment. You may avoid anything with these methods, from the flu to something more serious like a root canal. Even seemingly unimportant health issues might hurt your income. You don’t want to pay for many medicine and doctor co-pays.
-
Seek discounts or freebies
You may maintain your health or enhance your attractiveness for little or almost nothing. Free haircuts are available at the local beauty school. Take advantage of Living Social, Groupon, or Yipit fitness coupons. Join in on a free gym session.
8. Go Generic
To determine whether generic versions of prescription medications are a good choice, consult your doctor first. Generic drugs typically have a lower annual purchase cost than most brand-name medications by several hundred dollars. Find a doctor or insurer who will prescribe generic medications if your doctor or insurance provider won’t.
-
Get shorter and colder showers
It’s only sometimes enjoyable to shower quickly, especially when the weather is icy. Yet if you pay for it, it will lower your water and electric bills. The cause? Heating water and adding more to your tank both require energy.
More excellent showers can also improve your skin and hair and make you more awake. Your colder rain will boost weight loss, reduce stress, and ease depression while boosting immunity and circulation.
-
Create Your Cosmetics
Since you can make these critical beauty and grooming products with only seven components, why spend hundreds of dollars on them?
Some locally produced cosmetics seem too good to be true. Beeswax, liquid carrier oil, shea butter, coconut oil, and coconut butter are all excellent options. To make everything, combine arrowroot powder with mint and lavender essential oils. Deodorant, shaving soap, bug-off bars, sunscreen bars, and shampoo can all be made on a budget.
-
Evaluate Homeowners Insurance and Mortgage Refinancing
Make sure to compare insurance prices from different firms if you own a property. When renewing your current homeowner’s insurance coverage, consider the costs. You should use QuoteWizard to find the best insurance prices.
-
Make Your House Weatherproof
Your home’s cracks and holes should be caulked. These may be the energy hogs that homes consume the most. In the winter, cracks allow warm air to escape, while cold air can run in the summer. You may find all the necessary supplies to stop these air leaks at your neighborhood hardware shop.
Ensure your home is well-insulated and weatherproofed by switching out single-paneled windows for storm windows. Close these at night in the winter to keep drafts out and during the day in the summer to keep the sun out.
-
Reduce the use of heating and cooling
Installing a programmable thermostat like Nest can automate your home’s climate control. You’ll cut your yearly heating and cooling expenses by about $200.
Use strategies like layering blankets, sipping hot beverages in the winter, and applying ice on pulse points to reduce heating and cooling bills further.
-
Reduce the water heater’s temperature
Which low? The Department of Energy states that it should be around 120 degrees. You may cut your water heating expenditures by 3% to 5% for every 10oF drops in temperature.
-
Turn off your energy vampires
All of the following, if plugged in, use energy even when not in use. A printer, blender, microwave, toaster, computer, stereo, phone charger, and other non-essential items. Appliances are still using the wall for power. You might spend about one month’s electricity on this ‘vampire energy’ every year.
To swiftly turn off everything by pushing a single button, plug these devices onto a power strip.
-
Make a list and follow it.
Make a list before shopping so you won’t buy anything else, even for new seasonal clothing or your weekly dinners. Only make the purchases on your list to avoid overspending. This budgeting method might lead to annual savings of hundreds of dollars, if not thousands.
-
Don’t use coupons as an excuse to make purchases.
You can save money by using coupons in your weekly supermarket circular, on Living Social, or through an app like Checkout 51. But resist the urge to buy anything just because you have a coupon. Only buy something if you are sure that you will use it.
-
Grow Your Food, Eat Leftovers, and Pack Your Lunch
Brown-bagging your lunch can save you a ton of money over time and generally be a healthier choice. Consider it. You might only spend $5 daily on lunch instead of $10 per day.
Don’t just pack your lunch; keep the leftovers as well. So that you can enjoy them on nights when you don’t feel like cooking, freeze the leftovers. Get inventive and create another delectable dish with the pieces.
Instead of purchasing vegetables from the store, think about growing your own. Consider cultivating beans, mushrooms, oranges, tomatoes, avocados, and tomatoes. You can still grow many fruits and vegetables indoors if you need a backyard.
-
Get a Library Card and Participate
Libraries provide more than just printed literature. They also sell CDs, DVDs, and e-books. These locations offer tools and sewing machines for rent or loan.
Share materials with friends or family in addition to the library where you live. Just ask a friend or acquaintance to lend you a book, a Netflix subscription, a bike, or some power tools, for example.
-
Spend time with frugal friends
Go hog wild during dinner and hang out with individuals who don’t like to go out all the time. Spend more time with folks who want to go to bargain stores, play board games, and have potluck dinners—utilizing the many free events.
21. Walk and bike when practical.
Walking or riding a bike is beneficial to your health and saving money. The next time you have a little shopping trip, consider walking to the grocery store rather than driving.
-
Keep up with your vehicle
Correct maintenance is one of the most crucial elements of owning a cheap car. Maintaining adequate tire pressure, changing your oil regularly, and getting your engine tuned up as needed. You may save money on maintenance by eliminating “surprises,” keeping on gas, and increasing the lifespan of your car.
-
Carpool
Did you know that the typical American who commutes to and from work annually spends more than $1,000 on gas? You can save on maintenance and gas by sharing a vehicle with a coworker. As a result, you won’t need to worry about buying a new car any time soon.
25. Use public transportation when possible.
Tolls and parking fees can be avoided by taking public transit. Using the bus or metro instead of your automobile may save money and reduce your gas usage and the everyday wear and tear on your vehicle. Due to less frequent car use, your insurance rate may also be reduced.
26. Compare prices on everything.
Search around for the lowest-cost auto insurance. To locate the most affordable gas prices, use GasBuddy. Also, search on many websites for cheap flights when you travel.
Americans could be better at saving. According to the U.S. Bureau of Economic Analysis, personal savings in the country are a pitiful 3.8%. Thus, Americans save around $3.80 out of every $100 they earn after taxes for retirement, unexpected costs, and rainy-day funds. That could be better.
People can save money in various ways without increasing their income. While side jobs, rewards, credit cards, and loyalty programs can help consumers save money. We hope these 26 recommendations will enable you to increase your savings.
