Money is a finite commodity. That means you cannot have it in endless supply. Instead, you will have needs that you have to meet. Moreover, some expenses come in the form of emergencies. That means you need an adequate amount of savings for you to live well and adjust to surprises in future. Unfortunately, getting hold of money is difficult because everyone is after it. Consequently, you need to save as much of it as you can. Doing so may sound difficult because you have a mountain of expenses, but it is not impossible. In fact, you can save a lot of money if you act on the information that is available to you. For example, many people do not know about banking fees.
Check the Banking Fees on Your Account
Banks will charge you for anything that they can. Only legal restrictions prevent them from charging things that they should not. Moebs Services, an economic think tank, discovered that banks are making most of their money from charging fees. They realized that 50% these financial institutions earn more money by charging overdraft fees than by normal profits. That is astonishing because it means people are losing a lot of money to banks because of these fees. Avoid falling victim to such practices. For example, stay away from overdraft protections because they are minting money for banks instead of helping you secure your financial future.
Fight the System
Many people fear banks because they seem invincible, but they are not. You deserve the best services at the most affordable rates. Do not settle for anything less. Fight any attempt by your bank to levy unfair charges on you. Talk to the branch manager, complain about it social media, and lodge a formal complaint with the relevant authorities if you find it necessary to do so. Remember, going through such a process today will lead to considerable savings in the decades to come because banks will stop their unfair practices.
Watch Out For Erroneous Charges on Your Credit Card
How many times do you check your credit card for anomalies? Did you know that people lose a lot of money because some companies know that you will not review it? In other cases, the mistakes on your credit card may be innocent, but they can still cost you a lot of money. Do not stand for it. Instead, check it regularly, make sure everything is in order, and then clear your debt. Remember, credit card companies will deal with merchants directly if there is a mistake on your card, so you do not have to worry about lengthy and tiresome processes.
Take Advantage of Your Loyalty to the Company
Competition among credit card companies is unrelenting. Consequently, they want to retain as many of their customers as possible. They have numerous incentives to help them do that. For example, they will listen to you when you ask them to waive or lower your annual fee. They will do so if you have a good credit rating saving you $100 to $150 annually.
Remember, most transactions today are electronic, and almost every transaction has a fee attached to it. However, some of these charges are erroneous so check your financial statements regularly. Make sure that you reverse or stop these incorrect charges. Moreover, lowering or waiving legitimate fees is possible so try it. Save as much money as possible.