Earning while you spend!

I love to see that the funds that are accumulating in my account.  I especially enjoy knowing that all my hard work and sacrifice is going to pay off when I get that big payday. Wouldn’t it be great if I could have earned while I spent money? Is that even possible?

Watch those Bank charges

Well the first thing you can do is getting out of the habit of giving away the money that you are trying to save. How do you give away your money? By allowing the bank to charge you fees simply because you never checked out the cost of your transactions.

If you need money from a cheque for example, don’t cash it at the bank with the teller. Various banks have different policies but one thing is certain it is going to incur a fee.

The better option is to use the cheque deposit box at the bank. You simply write up the slip deposit the cheque and you are free from long lines and most importantly any bank charges.

There are also charges for allowing your account to fall too low the minimum balance and using ATM machines not affiliated to your bank.  These costs might seem minimal at first but they add up. A few financial institutions have removed or reduced some of these transnational fees but the majority do so be wise about how you spend.

Debit and Credit Cards

Another way that banks make money is through debit and credit cards. Some credit cards carry a yearly fee that is waived for the first year, so make sure you know what you are getting into when you sign up and take a look at your bill each month to catch this.

Every time a customer swipes his credit or debit card the bank collects a fee from the retailer. The bank also charges the customer for the convenience of using the card to make purchases. This is why there are so many sign-up bonuses, airline mile deals and cash back offers to encourage consumers to use them to make purchases.

These deals on cards can make an them an easy way to earn while you spend. It is important to keep track of your spending though because if you can’t pay the bill then you will drown in debt!

So can you earn while you spend?

Sure you can just avoid hefty bank fees as much as possible and use your credit card wisely!

What’s your take? Let me hear from you!

Regards,

Teri Ann Renee Paisley

Gleaner online writer

Tags: bank, credit card, fees