Look at how you bank
Look at the banking services available to you—these are designed to help you manage your money, as well as save more money.
Check out promotional offers
As the financial services industry has become increasingly competitive, banks have begun to offer promotions designed to attract new clients. And some are incredibly lucrative. It’s not uncommon for banks to offer hundreds of dollars in value back when you open an account. And often, there are additional incentives for setting up payroll or pre-authorized debit, making online bill payments, sending foreign exchange wires and more.
Bundle your banking services
Just like cable, phone and insurance companies, banks let you save money by bundling services and products. Financial bundles come in different combinations, such as premium accounts that include many features and products for a set monthly fee. And family bundles allow you and your family members to enjoy rewards with a multi-member account.
Opt for no-fee banking services
You can cut banking fees entirely by choosing a no-fee account. There are numerous banks and other financial institutions offering accounts with no fees for everyday banking, like Interac e-Transfer transactions, bill payments, point-of-purchase payments and more. This can add up to hundreds of dollars in savings each year.
Personalize your bank account
Even if you decide not to make any changes to your bank or accounts, you can still trim your expenses. Most banks charge for paper transactions, so you can save money simply by opting for e-statements instead. If you’re a student or a senior, ask your bank about specialized accounts as there are often low- or no-fee alternatives for these groups.
Look at how you pay your bills
Bills, bills, bills. Everyone’s got them, but not everyone knows how to manage them. Read on for strategies to keep your expenses down.
Ask about annual payments
Some service providers offer a discount when you pay your annual fees in a lump sum. If you’re able to make a single payment, it’s worth asking for details.
Set up auto-payments to avoid late fees
If you’ve ever slipped up and forgot to pay a bill, you know how easy it can be. Paperless statements can compound the problem, particularly for those who are used to tracking when bills are due with hard copies. You can avoid the hassle and expense of a missed bill payment by setting up auto-payments through your account.
Keph Senett
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