Improving your banking habits can help you increase savings. These can be allocated for obligations such as school expenses or your children’s college savings plan. Here are some banking tips for your school savings plan.
- Avoid bouncing checks – You incur penalties each time your checks bounce. Bouncing one check less each month for 12 months could nearly raise $500 worth of extra savings. Imagine how much you can save by not bouncing any checks at all.
- Reduce Credit Card Debt – People are encouraged to reduce credit card debt especially if they are paying penalty rates of more than 20 percent. If you can reduce credit card debt by at least $1,000, and get rid of penalty rates entirely, you can easily save much more than $200 in a year.
- Avoid delinquent payments – Late fees will cost you around $30 to $35 for just one card. Do yourself a favor and pay your credit card debt on time.
- Use the ATM of Your Bank – You get charged with a three-dollar withdrawal fee if you use the ATM of another financial institution. Although three dollars may seem like a small amount, it is wasted money. Setting aside three dollars every week could net you $150 in the course of a year.
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