If your monthly fixed costs are eating up a large chunk of your family's budget, then you should take the time to examine each and every cost to determine if you can save money anywhere that you haven't previously considered. If you are spending a lot of money on bounced checks and other financial service fees each month, then use these tips to save yourself money:
Stop Paying Interest on Credit Cards
Credit card interest is very expensive, so you should avoid having to pay it at all costs. The easiest way to avoid paying credit card interest is to not use a credit card for any purchases; instead, use cash or a debit card. If you feel like you must use a card or like to use one to gain airline miles or other perks, then you must pay off the balance each month when the statement arrives to avoid paying interest. The late fees for credit cards are very high, so always pay your credit cards online and before their due date.
Stop Paying Overdraft Fees
If you often forget how much money is in your checking account or need to get groceries before your paycheck hits your account, then you are likely paying a high price for this via overdraft fees from bounced checks or overusing your debit card. The easiest way to avoid these fees is to withdraw the money you will spend before your next payday and use cash for expenses such as groceries and gasoline for your car.
If you do not want to carry cash, then you can load the money on a prepaid card. Unlike your checking account, once the money on the card is gone, you will not be able to use it and there will not be any overdraft fees—the card will simply be rejected at the time of purchase.
Move Your Checking and Savings Accounts to a Local Credit Union
Finally, if your current bank does not offer free checking, then you should consider moving your accounts to a credit union in your local area. While banks are for-profit businesses, credit unions are owned by their members. Having an account with a credit union gives you an ownership share in the business that generally comes with lower banking costs. Even if you only save $10 per month on banking fees by moving your accounts, that is $120 per year that you can utilize elsewhere in your family's budget.
For other financial service needs, speak with a representative from a company like Advanced Cash & Check Cashing.