Saving Tips - Banking

[resaikking]

• Bounce one fewer check each month. The $20-30 you save by not bouncing one check a month would save you enough money to nearly fully fund a $500 emergency savings account.
• Reduce credit card debt by $1,000. That $1,000 debt reduction will probably save you $150-200 a year, and much more if you're paying penalty rates of 20-30%.
• Make your monthly credit card payment on time. The $30-35 you save by not being charged a late fee each month on one card would save you most of the money you need for $500 in emergency savings
• Use only the ATMs of your bank or credit union. Using the ATM of another financial institution once a week could well cost you $3 a withdrawal, or more than $150 over the course of a year.

[Asad]

Yeah! Great tip when you said to pay the credit card payment on time. The late fee really kills the patience.

[lalit7552]

Well ... I never prefer to use credit card ... as I said $40.00 bucks as penalty and from that moment I never ever used credit card ...

To maintain the credibilty of my bank account I always issue cheque when I have ample fund in my account. Otherwise I would have two losses ... cheque bouncing charges and loss of credit of my account ...

I also use ATM instead of cheques so that I can save per cheque leave charges ...

[nitinalbert]

Thats bad. Dishonouring a check will get you fines and make attract legal action. Not only that you will also spoil you credit record. Control your spending and make sure that you dedicately save money every month. Most important thing get credit cards out of your life. They will eat up all your wealth. Just keep one for emergency purpose

[titaniumhijau]

Originally Posted by Asad

Yeah! Great tip when you said to pay the credit card payment on time. The late fee really kills the patience.

Thats why right now, i prefer to use my debit card. Its more better than credit card and its work like credit card. So far, i'm no need to worry about debt.

[Bigfish]

Think Twice .
Why do you go for credit. Limit your life style according to your income levels. The late fees, surcharges, penalties levied on the credit card will definitely drag you into bankruptcy. Avoid penalties and dedicate your repayments on credit cards within the due date.
Bouncing of a cheque may land you in serious legal issues. Don’t ever issue a cheque when you don’t have enough bank balance

Good luck guys

[ken7700]

Late fees really can kill you and a bounce check just hurts you even more. I always use the theory if I do not have the money I do not get it.

[cassie]

If it is possible don't use credit cards at all. Keep a budget and track your incoming and outgoing in order to not bounce checks.

[titaniumhijau]

Originally Posted by Bigfish

Think Twice .
Why do you go for credit. Limit your life style according to your income levels. The late fees, surcharges, penalties levied on the credit card will definitely drag you into bankruptcy. Avoid penalties and dedicate your repayments on credit cards within the due date.
Bouncing of a cheque may land you in serious legal issues. Don’t ever issue a cheque when you don’t have enough bank balance

Good luck guys

THats why i said i will never use credit card. I know about their benefit. But i can use debit card to replace credit card. So far, i hate to see others people come and said to me that their suffer from their credit card..

[pheinbaugh2]

Thanks. They are great tips.