They say that the rich just keep on getting richer. But money doesn’t always breed money, especially if you don’t manage what you have sensibly and then get hammered left and right with bank fees and charges.
Luckily, you can put a stop to this if you follow the advice below.
Bank account fees
Bank accounts are pretty essential for anyone in today’s modern world. You can choose to bank online or with a real-world branch, but something that you will often find is that you get charged for the privilege of keeping your money with these financial institutions.
Some banks charge fees for things like going over your overdraft, the agreed limited above and beyond the available funds that you have in your account. Others will charge you if you don’t deposit a certain amount every month with them. Still, others will ask you to pay a set fee each month for certain accounts, usually ones that have preferential rate or benefits.
However, by doing your researching and reading post like this Delta Community Credit Union review, it is possible to identify financial institutions that don’t make such charges. Something that means you can save a significant amount each month and still get all the advantages you would expect with your bank account.
Financial advisor fees
Something that you can also use to reduce the costs around your money management is to ditch your financial advisor. Yes, this can seem a little scary at first, but with a wealth of information only a click away it is possible to stay informed and make savvy financial decisions off of your own back.
In fact, unless you have a sizable fortune to manage you may find you can do a lot better handling it yourself. After all, you are significantly more motivated to make the right calls. Use site like Kiplinger and NerdWallet to get you started.
Traditionally it has been the case that if you want to invest in the stock market, you would need to go through a recognized broker. These brokers can manage your portfolio for you or allow you access to the market to buy and sell shares.
However, now that there are apps you can get that allow you to trade directly and in real time, it is no longer necessary to pay high broker fees. In fact, you may even find some providers out there offering 0% commission and fees on the first 10 or so trades a month. Something that can save you a quite a bit of money.
Credit card fees
Last of all, borrowing money via credit can cost you a fortune if you don’t play it right. To avoid this always pay off your bills on time, and overpay wherever possible, so you reduce the total time that you have the credit for. This will ensure you pay less interest and so can save you a decent amount in the long term.
If your credit situation is out of hand, it may also be worth considering debt consolidation. This is where your multiple credit debts are paid off, and you are charged a reasonable monthly fee. Something that can stop you accruing interest that you have no hope of clearing and that will cost you dearly in the long run.