Does your money work for you? Make sure you are saving as much as you can each month, by taking a closer look at your bank. GetMore gives you six tips to help you get bank savvy.
THE RIGHT BANK
Your very first step is to make sure you’re with the right bank. Compare a variety of banks and look at the monthly fees, charges, interest rates and services. Don’t open an account with the first bank you see, and don’t be afraid of switching to one that suits your lifestyle better. Shop around before making your decision and ask lots of questions.
THE RIGHT ACCOUNT
Whether you’re switching banks or not, look at the type of account you have, and ensure that it’s right for your needs. Banks will put you on a package according to your salary, so if you get an increase, ask about upgrading your account. You may be able to move onto a package that has added benefits, lower costs and better reward schemes.
Get into the habit of examining your bank statements each month to check that your transactions are all legitimate. By analysing your spending behaviour you’ll also be able to see what habits you have, and this will help you decide if you’re on the right package to suit your banking style.
How much do you pay in bank fees each month? Many people don’t know, but if you’re serious about managing your finances correctly, then you need to find out. If your account is costing you too much to run, speak to your bank about other options, or compare the fees and charges of other banks and consider moving your money there.
Withdrawing money from your account can cost you, particularly if you use another bank’s ATM. Be sure to find out what you are charged for withdrawing money, and where possible always find the ATMs that belong to your bank, so that you can avoid unnecessary expenses.
Download your bank’s app onto your cellphone and use internet banking to keep track of your account and your balance, which will prevent you from overspending. You can also get notifications of transactions via your phone, which help you to monitor your spending and more importantly, will protect your account from fraud.
Speak to your bank about what they can offer you and don’t be afraid to compare what they say to other banks. By educating yourself and managing your accounts properly, you’ll be able to avoid unnecessary expenses and start saving those Rands.
Talk to an expert today on 084 11 438 48 and get the financial help you deserve. As a GetMore member you can get advice, tips and guidance from a professional – and it doesn’t cost you a cent! You can also download articles and financial calculators for free under