Managing our personal finances well is essential in preparing for our future but it can be quite a daunting task. Allocating budget for necessary expenses, for lucrative investments, and for sizeable savings may sound like an easy task but can be rather frustrating when unforeseen events necessitate additional expenses. Add to these are overwhelming bank fees and charges that we do not usually factor in when preparing our budget. This is why we should be fastidious in managing our personal finances.
An efficient financial planner purposes ways to save money and endeavors to grow investments while reducing all unnecessary expenditure. This also includes bank fees and credit card charges which, unfortunately, are unavoidable. Although they may never disappear entirely, there are some ways to save money on bank fees.
Keep Up To Date On Bank Policies
Make sure you are informed when banks update their policies. Interest rates and bank fees change regularly so do make it a point to talk to your banker at least once a year. Ask what the current charges on your accounts are and if there are certain fees that could be lowered or even waived. If you have a sizeable deposit, your bank may be able to grant you preferential treatment.
Use Your Own Banks ATM
Most banks offer ATM services to their depositors free of charge. However, many do have fees for those whose ATM cards have been issued by other banks. Avoid these ATM charges by using only your own bank’s machines. Keep in mind also that some banks have a maximum number of withdrawals allowed each month and may charge fees if you go over this limit so do plan your withdrawals accordingly.
Choose Credit Cards Wisely
Before you file for a credit card, go over credit card application Philippines and check the terms and conditions carefully. Check all the fees that have to be paid and know which fees could be waived. Some credit card companies waive annual fees if purchase requirements are met. Choose a credit card that offers reward points or cash rebates that translate to savings. Of course, avoid incurring more charges and falling into debt by always paying your balance in full before the due date.
Check Your Transactions
Always keep track of all your transactions. Bounced check penalties and overdraft fees can be hefty. Avoid these by reconciling your checking accounts at least once a month. Also ensure that the checks you issue are well-funded.
Opt for Online Banking
Most banks now have apps that make online banking more convenient for their depositors. Online banking makes it easier for you to keep track of your transactions and helps you avoid overdraft fees.
How to save money on bank fees and finding the best credit card deals are just some of the easiest ways to ensure that you get to keep more of your hard earned money. Eliminating as many fees and charges as you can is part of personal financial planning as much as looking for viable investment instruments is. Remember that personal planning is the key to your financial independence.
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