Reducing your expenses to save money isn’t the easiest of things, especially if you have trouble sticking to a budget. So, what if we told you there are certain banking hacks that can help you save more money? Read on to know more.
Deposit Checks Online
If you make multiple trips to your bank branch to deposit checks, here’s a tip that you’ll find extremely helpful. Most banks give their customers the option to deposit checks online through their smartphone app. All you need to do is take a photo of the endorsed check, after which the funds will be credited to your account.
Automate Your Bills Payments
Keeping a track of various bill payments can be a real hassle, which is why it helps to automate your bill payments. Remember that missing bill payments can impact your payment history, which, in turn, lowers your credit score. Given that most payments today can be automated, ensure that you take advantage of this.
Keep a Track of Expenses with Text Alerts
Checking your mails to keep a track of your expenses can get difficult, and you may end up overlooking certain purchases. These expenses can add up over time, and you may not even be able to spot fraudulent charges. The best way to be notified of the expenses charged to your account is by enabling text and email alerts.
Open a High-Yield Savings Account
Don’t settle with just one or two savings bank accounts if you are receiving next to nothing in interest. Doing a quick online search will help you find banks that offer competitive interest rates that can go as high as 2%. Make sure to also consider opening an account with an online bank since they offer better rates than traditional brick-and-mortar banks.
Get a Reward Credit Card
Reward credit cards pay you back in points, cashback, or miles when you charge expenses to the card. Getting a reward card can be a simple yet effective way to save money.
A number of banks also offer advanced analytics tools to help you stay on top of your deposits and payments. Make sure to take advantage of these services, if your bank offers them!