Welcome to the 10 day money saving challenge! Over the next 10 days, we will focus on one new way to save money. The savings will be recurring each month, so take the time to put in the work and you will continue to see your savings increase!
Be sure to track your savings in the printable tracker. If you don’t have the tracker yet, get it here.
I encourage you to open up a new bank account to put your saved money into. It is a wonderful feeling to watch it grow! Then at the end of the month, quarter, or year, you can do something specific with the money. Give you finances the best benefit from this challenge that you can!
We are now on day 8 – bank account with monthly fees.
I always cringe when I hear people talk about monthly fees on bank accounts. Why are you paying someone else to hold YOUR money? Seems a little silly.
Some banks are more notorious for charging fees and having a lot of stipulations on their accounts. I was with US Bank for a few years, and they would change their terms at least once a year. This would require me to change things to meet the new requirements. Since this wasn’t my primary account, it made it really hard. They wanted direct deposits and a certain amount of debit transactions. That just didn’t work for me, so I ended up closing my account and they lost my business forever.
If you have a bank that is charging you fees, don’t be afraid to ask about them! If they can’t help you find a product that will get rid of your fees, then it may be time to switch banks.
Within banks, they offer different products that have different requirements. They may require you to keep a certain amount in your accounts, make so many debit transactions, or have a specified number of direct deposits.
You may have a checking account that used to meet your needs, but has since changed and is costing you money. Ask your bank about other options they might have. Most banks have a completely free option that have very little requirements.
When banks compete, you get the better deal. Let them compete for your business.
So you have a great bank and the product you are using has very few requirement. Great! Take a minute and be sure you are following those requirements.
If you need to keep a minimum balance in your savings account to avoid fees, then keep that balance in their! If you don’t have enough money to consistently keep the balance, then you need to look at the other days in this challenge and find ways to save money. Then take that money and put it into your savings – and don’t touch it!
If you are paying annual fees on your credit cards, stop now!
Credit card companies are making A LOT of money, both from you and the stores that accept them. They don’t need to collect annual fees. If they can get by with it though, they will.
Find a card that doesn’t charge you fees, but still gives you points. Trust me, there are a lot of accounts like that out there! It pays to shop around when it comes to credit cards. They are not all created equal.
Do you pay fees on your bank accounts or credit cards? What kind of fees are they? Can you eliminate them? We’d love to hear from you!