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Back to the Financial Basics
More and more these days you hear about how so many people have gotten themselves into a financial mess that will be hard to get out of. And the reason boils down to that most people are not taught the basics about finances. I am not talking about how to invest their money, I am talking basics, basics like how to maintain checking accounts in good working order.
Starting from how to choose an account, to keeping the account in good standing and how to avoid excessive fees.
Let’s start by saying that free is good. So when banks compete for your business choose the offers that will benefit you the most.
Like for example right now WaMu offers free checking services for their customers. This means you get a free checking account, that comes with free checks, a savings of $20-$30 dollars, free check safekeeping, and free wires which normally cost $30 each at other banks. These savings don’t seem like much but they can add up. They also have interest bearing checking accounts that can earn you interest every month, and those accounts also come with free checks and money orders which you would normally pay at least $5 dollars for each one, and free Identity Theft services.
To keep an account in good standing, all that is needed is a little tracking. Keep good records, keep receipts so you don’t forget what you spent, track what comes in and what goes out frequently, that way you keep within your means, and you don’t overspend. Make out a budget and keep within that budget.
Which brings us to excessive fees, read the fine print and find out the fees that banks charge for different circumstances, such as overdraft, using other banks ATM’s, etc. keeping these fees in check will keep more money in your checking account.
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