Regardless of your spending habits, there are lots of ways to Feed the Pig. While the savings from changing a single habit may not seem like much at first, making changes in a few areas of your life can add up to big bucks within a single year. Here are some of our favorite financial tips.
Weekly Savings Tip: Avoiding Penalty Flags
In the spirit of the big game this weekend, here are a few plays to help you avoid penalty flags with your finances.
- Delay of game. Waiting until the last minute to pay your bills can be an expensive by-product of disorganization. Put as many bills as possible on auto-pay and the ones that you can't, set them up for payment as soon as they arrive in the mail to avoid getting hit with late fees.
- Too many players on the field. Overdraft charges can take a major toll on your accounts. In order to avoid these unnecessary and expensive fees, set up text alerts through your bank and opt out of overdraft coverage so that debit card transactions only go through if the money is actually in your account.
- Personal foul, unnecessary payment. Buying movie tickets, scoring seats to a concert, withdrawing money from an ATM that does not belong to your bank, cash back at the grocery check-out, paying your bills with a credit card… these are all areas rife with convenience fees that can eat away at your savings. Whenever possible, go to the ticket window, use your bank's ATM and send a check if it means you can avoid these unnecessary fees.
Extra Point: When you take that extra step to avoid a fee, consider making a contribution to your savings account in the amount that you saved. It's like a double reward for your effort! Now that's a game winning strategy.
An archive of some of our most recent Weekly Savings Tips.
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