We are always looking for ways to save money, but during these challenging times it is even more important to find ways to save money.  Try to incorporate these money saving tips into your everyday life so that you don’t miss an opportunity save additional cash.  

Overdraft Fees 

In 2017 American’s paid $34 BILLION in overdraft fees.  On average an overdraft fee can be $30 or more, every time you overdraw your account. If you are about to purchase a $7.00 latte and you check your account and your balance states you have $4.00 in your account, skip the latte’. Unless you have overdraft protection.  There are several ways you can avoid overdraft fees: 

• Download your bank app so that you can easily check your account balance before making a purchase.  It’s better to be safe than sorry and most bank apps, are very user friends to help you access your account information in a  couple of steps. 
• If you use your debit/credit card daily, check your account regularly (at least 3 times a week). Call your financial institution immediately if your account gets over drawn and ask to have the fees reversed.  Most financial institutions will reverse fees the first time it happens, so try not to make it a habit. 
• Check if your financial institution offers overdraft protection if you know you frequently over draw your account.  There may be a small fee for this service, however, it can save you hundreds of dollars a month on overdraft fees.

Cut Up The Credit Cards

Research shows American’s paid nearly $104 Billion on credit card fees and interest in 2017 and this number is steadily increasing.  Credit card companies want you to believe that you need a credit card to live your daily lives, but you don’t. Is it just me, or has your mailbox swelled as the amount of credit card application has tripled.  Zero Percent Introductory Offers. Historically Low Interest Rates. No Application Fee.  Throw Them Away!  Here are a few cost saving tips for managing your credit cards and lowering the cost of credit card fees: 

• Use cash or  your debit/credit cards to make purchases
• If you use your credit card, make sure you only spend what you can afford to pay off 7 days of the end of the billing cycle.  Credit Card cycles vary between 28-31 days. Pay off the balance 7 days before the end of the billing cycle to avoid finance charges.
• Do not allow balances to roll over to the next billing cycle to avoid finance charges. 
• You only need one major credit card for emergencies. Make sure it has a low rate, and no annual fees.  Only use it in case of emergency. For Example: New Furnace, Car Repairs, Unexpected Expenses.  
• Do not charge over your approved limit.  Avoid over the limit fees. 

Online Payment Fees

If you are one of the 24 million people using cash app monthly to receive funds, download your funds for free using the two business day transfer.  

If you are  one of the 70 million people using PayPal monthly to receive funds, use the friends or family personal tab.  When you receive money via PayPal, transfer funds to your bank account instead of your credit/debit card to save on transfer fees. 

ATM Fee’s 

When you use an ATM, try to use one in your network.  For example, if you have a debit card from Bank of America, only use a Bank of America ATM for transactions, 

ATM’s charge fee’s to users outside of their network, and your bank charges you for using an ATM outside of their network.  One transaction can hit your account with two bank fees, ranging from $3.00- $6.00 per transaction.

~written by

Lysa Davis aka The Trusted Banker