Budget That Saves on Bank Fees

Budget That Saves on Bank Fees

Budget That Saves on Bank Fees

Budget That Saves on Bank Fees with the invention of the ATM machine, visiting the bank and seeing the bank teller has become outdated. It is so much more convenient to drive up to an ATM, punch in your pin number and withdraw enough money to meet your current needs. The ATM is also a timesaving way to pay your bills. For many people it is the only way they bank.

All that convenience does come at a price though and you may not even realize how much it is costing you. Every bank charge some fees for their customers to use ATMs and if in a pinch you must get money quickly and the only ATM in the vicinity is another bank’s it might cost you much more than you are willing to pay.

It is rare when you sit down to set a family budget to consider the price that your banking is costing you. You instead budget for things like food, utilities, housing payments and car costs. These are all essentials but the monthly fees your bank is charging you need to be taken into consideration as well.

Most monthly banking plans offer a set number of ATM transactions. If you go over this amount, they are authorized to automatically charge a fee per transaction. If you frequent the ATM quite often, this can quickly add up to a significant expense.

A first step in determining how much your banking fees are impacting your finances is to look at your last banking statement. This will explain what fees you were charged and if any of them relate to your ATM usage. If they, do you can make some easy changes that will help you keep the banking fees at a minimum and allow you to account for that amount when you set a family budget. If you approach it this way, your fees will always stay the same and you will know what to expect to pay each month.

To keep banking fees at a minimum consider trying the following:

  • Keep a minimum balance in the account. Often banks will waive monthly fees if a minimum balance is always kept in the account.
  • Try to pay bills in alternate ways. You can visit the department store where your credit card payment is sent, or you can visit a kiosk at the company that supplies your electricity to pay the bill. Often companies will have payment drop-off boxes that may be on your way home from work. Paying this way can save ATM fees.
  • Withdraw as much cash as you will need for the week. Instead of taking $20 out five times in the span of a week, withdraw $100 once a week. By doing that you have already saved four ATM transactions for the month. This could keep you under the minimum and not paying extra fees for usage.

It is also important to bear in mind that every family member who banks must pay fees. This is something that you will want to keep track of when you set a family budget that everyone needs to follow.

Best Wishes, Coyalita

See Tomorrow: “Money Saving Tips: Knowing Where to Begin”

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