How to avoid bank fees – Get a grip on your finances now!
Are you constantly being charged unarranged overdraft fees and interest charges, bank fees and late payment penalties for missed or forgotten bill and debt payments? Get some tips on how to avoid bank fees and start saving that money instead!
Get a grip on your finances now
Get a grip on your finances now and save yourself hundreds of dollars in unnecessary bank fees and penalty charges. I am going to share with you some tips that I have used on how to avoid bank fees, interest and late payment penalty charges.
Unnecessary bank fees and charges
When you can’t make a payment, or miss a payment for whatever reason, you usually get penalised for doing so and that penalty gets added to your debt. With a little structure in your family budget and some better money managing skills, this is one expense you no longer should be forking out for and can stop budgeting for (if you are actually budgeting for it in the first place). Here are my top tips on how to save money and how to avoid bank fees and penalties.
Have you got the right type of account set-up?
Sometimes we get so stuck in our ways we forget that these financial institutions are forever changing their products and services and are always coming up with something better to suit the current trend. It’s up to us to be constantly aware and looking for better deals. Take my telephone and internet provider for example. They bought out a new package where if you paid an extra $10 per month you would receive an extra 70 GB of data! When they first bought it out they didn’t bother telling their current customers! It was up to us to find out from the neighbour who got it and we had to phone them and ask for it! Same goes for banks. They don’t tell you when they have introduced a new type of bank account that might suit your circumstances better. It’s up to us to constantly review the products we use and ensure they are the right fit for us.
Stop paying account fees now
Most banks these days have bank accounts with zero fees. If you are paying bank fees for transactions or bank accounts it is time to review your bank accounts. Get on the banks’ website and compare what other bank account structures there are. You may be surprised. I ditched the chequebook years ago and moved all my accounts to what they call “Everyday Online account with zero fees”. I went from paying $10 a month in bank fees to $0 a month. It wasn’t until when I analysed our finances I realised that we were paying hundreds of dollars in late penalty fees, unarranged overdraft fees, interest charges, credit card account holder fees and so on and so on.
Why are you paying any bank fees?
I was helping someone with a budget a while ago, and I noticed they had listed Bank Fees $10 per week! I asked her about this and she explained the fees to me. There was always unarranged overdraft fees, interest charges and quite often late payment fees too. No way! So we looked at the accounts she had, what she was using them for and changed a few things. We set up her bills account differently and she never had to pay those fees again, thus saving her $10 a week in her weekly budget!
Learn to manage your money better and save!
Learn to manage your money better and you will avoid paying any more Late Payment Penalties and Unarranged Overdraft fees. Another saving to you! Related reading:
- Basic Budgeting Tips – Stop spending the bills money!
- Which debt should I pay off first? – Get a FREE guide & worksheet to help you
- Paying off debt fast – Using the Pay it Forward system
Pay by automatic payments and never forget to pay another bill again!
Regular utility bills should be paid by direct debit or automatic payment from your Bills account. This way you will never forget to pay a bill again saving you time and fees when you forget. All debts and credit card should also have automatic payments set up to ensure their minimum payments are covered each month. The trick here is to ensure there is sufficient money in the account that those automatic payments come from. This is where we use the Bills account, Check out some of the posts below for more information and great tips on managing money.