5 Smart Ways to Manage Your Money
Think safety first!
When it comes to placing your hard earned money with a bank, credit union or digital account, take time to compare their reputation, strength and customer service. Your financial health depends on having access to your money with no monthly fees or hassles.
The friendly bank staff wants to make sure you take full advantage of every feature or option they offer. Be prepared ahead of time and know what you want and the purpose of setting up a new account. This is your money and only you know what works best. Keep it SIMPLE.
Here are 5 smart ways to manage your money:
- Have ONE primary account that works as an “operating” account for planned, recurring bills – money in/money out.
- Use a Debit Card to pay bills online, automatic deductions or to pay by phone. This is critical for two reasons, first you’re not giving out your routing number and bank account to multiple vendors, and second, you can easily close/replace a Debit Card.
- If you need to create a “check”, use the bill payment option through online banking. They can pretty much mail to anyone, including your 4 year old niece for her birthday.
- Set up at least one other account with the same bank to sweep money over to build up for emergencies, fun stuff or to cover overspending on your primary account. Do not accept overdraft protection. Set up account alerts and cover it yourself.
- Open at least one other account with a totally different bank as a back up. Use is to save for specific events or goals. This keeps it out of sight and gives you security if you can’t access primary bank. Yes, that does happen on occasion.
It goes without saying, don’t share your PIN with anyone and please don’t give someone your card to run to the ATM. Just don’t do it. You exchange hours of your life for money to spend on things that matter most to you. It’s your treasure. Keep it safe!