Online savings bank tips - some guidelines and suggestions that'll help you to keep track of your banking expenses.
We're all looking for practical money saving tips for frugal living and strategies to save money.
Start with the basics and the seemingly insignificant banking savings may cumulatively add up and start you on the road to beginners investing.
ONLINE SAVINGS BANK
Don't be tempted (or even lured and flattered) by banks that offer you "status" accounts like gold and platinum credit cards or checking accounts.
You will pay more for this type of banking facility and it may not be necessary for your savings and investment needs.
The more services that the bank offers you, the more banking fees you will pay (including online savings bank fees).
Don't carry too much spare cash around with you ... because you will end up spending it.
Rather keep it in the bank until you need it.
But remember that you will need to plan, and stick to your budget, so that you don't need to frequently withdraw cash - ATM charges will all pile up.
If you are worried about needing cash in an emergency, you may want to keep a $100 denomination traveler's check in your wallet or purse.
Then you'll have peace of mind that you are prepared for a financial emergency, but it won't be that easy to spend it!
(Great new boots or limited edition single malt whiskey are probably not a financial emergency.)
Use only one credit card (if you must use one at all).
Pay your other credit cards off and then close them.
Credit cards all charge maintenance fees and by consolidating your purchases through one credit card you will save on banking fees.
(You'll also save money because you will be less likely to spend and you will be able to keep track of all your purchases more easily too.)
Make sure that you keep sufficient money in your account for any checks that you may write or for stop orders and debit orders that are linked to your account.
One way of doing this is to take ownership of your finances and to reconcile your bank account meticulously and consistently.
If you write a check and you have no funds to honor the check, then not only, will the bank not pay, but they will also charge you a significant amount for returning the check to the sender.
Definitely stay away from writing a lot of small checks - you will incur bank charges for these checks too.
(Be careful of being tempted to apply for an overdraft facility, as this too comes at a significant price with respect to interest charged.)
Use the ATM machines prudently and in a planned manner to minimize bank charges.
The price that you pay for convenience is significant, especially if you use ATM machines from a bank other than your own.
Make sure that you create a limit for the amount of money that can be withdrawn from your account on any given day (should your card be stolen).
It is also a good way to cut back on "impulse" purchases.
Once your limit is reached, you'll have to physically go into the bank to draw money (or wait until the next day) - a cooling off period is a big saving-wise incentive!
When it comes to bank mortgage interest rates and bank savings interest rates, negotiate and ask for competitive interest rates below the current prime interest rate.
Remember that banks want your business, so they may be willing to offer you more favorable terms.
Negotiate your own mortgage loan directly with the bank.
Estate agents and mortgage originators who negotiate a mortgage on your behalf are offered incentives for bringing your business to the bank (and indirectly you'll be paying for this).
You may also want to investigate if your mortgage terms are still competitive.
You may find that it is worth your while to move your mortgage to a different financial institution.
(Just remember to include all costs in your analysis: deeds release fees, solicitors fees, property valuation fees etc.)
Online bank savings guidelines - every bit of saved money helps.
You've worked hard for your money - so rather invest your money instead of paying unnecessarily high banking fees.