Are you looking to save some money? Saving money doesn’t always have to be a challenge. If you know a few smart banking hacks, you can save a good amount of money over the year. Here are the most effective tips we’ve found that can help you save money while banking:
- Automate your bill payments: If you pay multiple bills every month, there’s a good chance you are spending a lot on mailing checks. You could eliminate this entire expense by automating your payments, provided your bank offers this service.
- Opt-in for email and text alerts: It’s often not really the large purchases that burn a hole in your pocket. It’s, in fact, the smaller payments that add up to a substantial amount by the end of the year. However, since these payments are so small, it’s easy to not take notice. That’s why opting for email and text alerts can help since they remind you of every small transaction you’ve made.
- Open high-yield bank accounts: Most commercial banks offer interest rates that are quite low. Given that you are depositing money into your account, you might as well earn some interest on your deposits. So, don’t settle for a low-interest account. Make sure to compare the interest offered by online banks and credit unions as well and open a high-yield checking and savings account.
- Get a rewards credit card: If you tend to use your credit card often, you may want to consider getting a rewards credit card that will offer you rewards in the form of cashback, points, or miles for every dollar that you charge to the card. Keep in mind that many rewards credit cards offer rewards for specific expenses.
- Use mobile check deposit: If you have to deposit several checks a month, it makes sense to use mobile check deposits. Not only does this eliminate the need to drive to the nearest bank or ATM or deposit the check, but it also helps save on time. Most leading banks offer this service. If you open an account with a smaller bank or credit union, ensure that you inquire whether this is a service that’s offered to customers.
You may be surprised by how much money you can save by implementing these methods!
